Chủ đề: pandemic

Agreeing that the operation of the banking system is not perfect and that inadequacies in the economy hinder the release of all resources for growth, analysts have proposed six solutions to improve efficiency in the management, exploitation, use, and promotion of resources for socio-economic development.

Vietnam is well placed to improve its socio-economic results this year based on the experience gained in 2021, conference hears.

Covid-19 has created huge economic losses for Vietnam, estimated at $24 billion, or 7 per cent of GDP. The damage to Ho Chi Minh City’s economy has been put at about $12 billion.

The decision to extend social distancing measures in economic centers such as Hanoi, Ho Chi Minh City, and southern provinces has put pressure on cash flow in businesses. Experts have said that even though loans have been suspended, when they become due once again there will be more problems surrounding bad debts, especially when they are covered as restructured debts.

The number of daily Covid-19 cases and the infection rate in Ho Chi Minh City have both fallen significantly. Deputy Prime Minister Vu Duc Dam suggested that the city gradually allow production and business activities to enter into a “new normal” after vaccination rates are achieved. The city has completed disbursing the first support package for those affected by the pandemic, with a total cost of over VND700 billion ($30.52 million), and is implementing the second package, with a total cost of more than VND900 billion ($39.24 million).

The risk of continued community transmission of Covid-19 in Vietnam is very high, according to the World Health Organization (WHO). Vaccinations are key to ending the pandemic, but are not the only measure, as they alone cannot end community transmission. The Ministry of Health’s “5K” strategy therefore needs to be continued. Many countries, including Vietnam, lack vaccines.

At the “Impacts of the Covid-19 pandemic on the economy and options for Vietnam” webinar, organized recently by the International Society of Vietnam Economists (ISVE), analysts said that the country must choose between economic damage now or in the future.

While inspecting Ho Chi Minh City on July 29, State President Nguyen Xuan Phuc asked that city authorities continue to implement social distancing to control Covid-19, while adopting synchronous measures to protect people’s lives and minimize the fatality rate.

The volume of orders placed on e-commerce platforms has increased significantly in Vietnam since social distancing and quarantining were introduced. Tiki has sold 10 tons of vegetables and taken 10,000 orders for essential products each day. Demand for essential products on Shopee reached 30 tons a day. Average consumption of vegetables and processed food on Lazada was 5-10 tons a day. Voso and Postmart, with advantages in logistics, offered both online and offline price stabilization sales and ensured delivery to many areas.

Many banks and businesses have applied modern technologies to their services amid the pandemic, such as eKYC (electronic know-your-customer, for account openings), QR codes, and non-cash payment services in order to offer customers a more convenient experience.

Perfect policies will be made in support for workers and businesses during the pandemic.