Japanese firms in Vietnam face revenue losses due to COVID-19
HCM
City (VNS/VNA) - Production and revenue of Japanese enterprises in Vietnam
are expected to fall at 70 percent in the second quarter of 2020, the results
of the latest survey showed.
According
to the survey jointly conducted by the Japan External Trade Organisation
(JETRO) and the Japanese Chamber of Commerce and Industry in Ho Chi Minh City
(JCCH), compared to the February survey, the number of affected businesses has
doubled.
The
survey showed that up to 60 percent of businesses said their March production
and revenue fell by 10-50 percent, while up to 70 percent of companies said the
impact would last in the second quarter and even the rest of the year.
Japanese
enterprises in Vietnam predicted their revenue this year would fall by 20-40 percent,
and some businesses forecast revenue dropping by 50 percent compared to last
year.
Japanese
businesses operating in Vietnam also said the interrupted supply chain had
affected the production situation.
The
restriction of movement between Vietnam and other countries had led to less
personnel movement of many companies, and many companies had had to adjust
their personnel plans, including foreign experts.
To
curb the damage, Japanese businesses said they hoped the Vietnamese Government
would provide quick and accurate information on the COVID-19 situation./.