Vietnam: Timely Solutions to the Economy affected by the Covid-19 epidemic

This is considered as, for the first time, not in precedent for disease declaration, Vietnam has deployed many solutions to prevent COVID-19 in an active and synchronous manner, with high doses and "strongly hands" more than the recommendations of the World Health Organization, as well as compared with the time of the SARS epidemic in 2003. Besides, there is the joining of ministries, branches, localities and enterprises in the attempt to minimize the possible economic loss.

With the determination not to let the epidemic spread, even: "Accept partial economic losses to protect the health, lives and peaceful lives of the people," Prime Minister Nguyen Xuan Phuc has requesting the whole political system to step in to prevent and fight the epidemic; clearly identify difficulties, challenges and forecast possible bad scenarios and situations; at the same time, proposing proposals and solutions to both prevention and fight against epidemics and economic development to strive to fulfill the objectives of the socio-economic development plan 2020. According to the latest report of the Ministry of Planning and Investment before the Government, in case the control is translated in Q1 / 2020, GDP growth in 2020 is forecast to be 6.25%, down 0.55% compared to that of Resolution 01 / NQ-CP of the Government; in which, Q1 increased 4.52%; the second quarter increased 6.08%; the third quarter increased 6.92% and the fourth quarter increased 6.81%. In case the translation was controlled in Q2 / 2020, the growth is forecasted to be 5.96%, down 0.84 percentage points compared to Resolution 01 / NQ-CP of the Government and down 0.29 points% compared to that of the Government. Control script was translated in Q1 / 2020; in which, Q1 increased 4.52%; Q2 rose 5.1%; Q3 increased by 6.70% and 4th quarter by 6.81%. This information and the current development of the epidemic are making the Vietnamese business community very concerned and anxious about the impacts of the epidemic, and the negative effects on all production and business activities. domestic trade and investment.

The Ministry of Planning and Investment forecasts the sectors directly affected by the epidemic include import, export, tourism, and transportation; Indirectly affected industries and sectors include agriculture, forestry and fisheries; industrial production such as manufacturing, food processing, electronics-electronics industry, footwear, textiles, domestic trade, investment, budget revenue and expenditure, business development... Mr. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that at this time, VCCI is collecting and acknowledging opinions from businesses in almost all fields and sectors. economics of the effects of the epidemic. This is a global pandemic, an increasingly complex and dangerous development, causing damage to human health and life and of course, it will bring about economic impacts.

In this situation, in parallel with efforts to prevent and control epidemics to protect human health, businesses also need to closely follow information from the authorities to proactively plan their production and business; flexibly handle arising contract issues on the contractual and partner side. The most important thing is to be cautious and vigilant to minimize economic losses to the direct or indirect impacts of the COVID-19 epidemic, before receiving support and assistance from the Government. functional departments… The epidemic of acute respiratory infections caused by a newly-initiated corona virus strain in Wuhan city, Hubei province (China) continues to infect at an unpredictable rate. At 16:15 on February 15, Vietnam had 16 cases of COVID-19 infection that had to be isolated for treatment; in which 7 people have been cured and many people are under medical supervision to prevent the risk of infection. At the beginning of the epidemic announcement, localities across the country had taken measures to prevent and control the epidemic, and simultaneously stopped welcoming tourists to visit tourist spots at scenic spots and historical sites; in particular, to stop the organization of activities in the early spring festival of Canh Ty in order to avoid the gathering of many people, easily causing the risk of spreading germs. For this reason, the tourism service industry suffered first, due to the effects of the COVID-19 epidemic.

The forecast of the Ministry of Planning and Investment also shows that, if the epidemic lasts until the end of the first quarter, the loss of revenue from international visitors by 2020 will be about 2.3 billion USD, if the epidemic lasts until the end of the second quarter, the damage about 5 billion USD. Facing the evolution of the COVID-19 epidemic, the Government, ministries and branches have made great efforts to prevent and fight the epidemic, protect the people, and at the same time have made a policy to promptly support the business community - the force keeping a pivotal role for the economy. The Ministry of Planning and Investment has proposed to the Government to assign the State Bank to coordinate with relevant agencies to immediately study a number of supportive credit policy packages for SMEs, cooperatives, and farmers. affected by translation. Specifically, support liquidity, maintain loans, waive interest rates, freeze debt, loosen debt repayment terms, speed up the process and time of reviewing loan applications and disbursements. loans, exempt from overdue interests….

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References

- TTWTO VCCI - Kinh tế Việt Nam và thế giới dưới bóng ma Covid-19. (2020). Retrieved from URL:

https://trungtamwto.vn/su-kien/15086-kinh-te-viet-nam-va-the-gioi-duoi-bong-ma-covid-19

- COVID-19: Tác động tới kinh tế Việt Nam và các giải pháp ứng phó. (2020). Retrieved from URL:

http://tapchitaichinh.vn/su-kien-noi-bat/covid19-tac-dong-toi-kinh-te-viet-nam-va-cac-giai-phap-ung-pho-319251.html

- Online, Đ. (2020). Việt Nam đủ năng lực ngăn chặn dịch bệnh nCoV. Retrieved from URL:

https://doisongvaphattrien.vn/viet-nam-du-nang-luc-ngan-chan-dich-benh-ncov-2158.html

Tran Phuong Thao