The phrase "affected by Covid-19" was mentioned many times during the analysis and assessment of the economic and social situation.
However, there were still bright spots in the economic picture amidst the epidemic including stable macroeconomics, stable or decreased prices of many commodities, and the reduction in consumer price index, down 0.17% since the previous month. Industrial sectors remained stable and continued to grow at a steady pace. Exports increased by around 2.4% over the same period, , turnover of foreign direct investment enterprises was up 0.9% with state-owned businesses up 6%; meanwhile the trade deficit remains under control. The agricultural sector continued to be stable. The country also witnessed growth in many other fields and gradually improved its control of the novel disease.
However, the Covid-19 epidemic, along with the synergistic impact of other factors, has somewhat affected the development of the business community. According to brief reports from big groups and corporations, Covid-19 can make the financial situation of many businesses turn from profit to loss. However, at this time, many state-owned groups and corporations have managed flexibly to maintain their production and business activities at the required level, while fulfilling their political, security and defense tasks as well as ensuring social welfare. In general, they have actively implemented disease prevention and control as well as having boosted measures to ensure production and business activities such as narrowing the production scale, cutting costs but maintaining the products’ quality, and maintaining relationships with their traditional, long-term customers and partners. Groups and corporations have also paid much attention to seeking local workers for production; diversifying the supply; actively finding auxiliary materials to replace materials from China; closely monitoring the developments of the market, the situation of the epidemic to develop different plans and scenarios for timely response; and enhancing the development of markets besides China.
In the current context, many corporations and companies have implemented solutions for their development. For example, the national flag carrier Vietnam Airlines (VNA) has mobilised all resources to successfully conduct flights between Covid-19 affected areas, in accordance with defence and security tasks. In the context of the scarcity of masks, the Vietnam National Textile and Garment Group (Vinatex) mobilised six of its member companies to promptly produce antibacterial fabrics for masks to prevent and control Covid-19. Although this is not a common product of many enterprises in the group, the production lines have been deployed at local garment companies to supply products on site, meeting the anti-epidemic needs of people and contributing to the stabilization if the market. The Vietnam National Chemical Group (Vinachem) has also focused on manufacturing essential products for hospitals to deal with the epidemic as well as for the market, including antibacterial dry hand gel.
Groups and corporations have also set out the tasks necessary in order to to take advantage of opportunities to restructure, improve risk management capabilities and prepare long-term steps and conditions to make breakthroughs after the disease is brought completely under control.
