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Ho Chi Minh City leads localities nationwide in economic recovery: AmCham Vietnam

Ho Chi Minh City is the leading locality in the country in economic reopening and recovery, according to the American Chamber of Commerce in Vietnam (AmCham Vietnam).

According to a survey announced by AmCham Vietnam on November 29, businesses in Ho Chi Minh City are on their way to resume production and business activities, and they are optimistic about the future of the Vietnamese market.

Ho Chi Minh City, leads localities nationwide, economic recovery, AmCham Vietnam, post Covid-19 pandemic, Vietnamese market, expanding investment

Businesses in Ho Chi Minh City are on their way to resume production and business activities, and they are optimistic about the future of the Vietnamese market.

The deployment of vaccination campaigns against Covid-19 in the Southeast Asian nation have allowed many sectors to open and recover with a safe roadmap, ensuring regulations on pandemic prevention and control, the survey said.

More than 60 percent of AmCham Vietnam’s member enterprises which responded to the survey, have resumed their operations at 80 percent of the normal capacity, and 85 percent of them operated at 60 percent of the normal capacity or more.

For those which have not yet reached their normal capacity, 25 percent are expected to reach 100 percent by the end of 2021, and over 60 percent and more than 90 percent hope to return to normal in the first and second quarters of 2022, respectively.

Notably, nearly 80 percent of AmCham Vietnam member businesses participating in the survey demonstrated their positive evaluations about the medium and long-term prospects in the Vietnamese market, saying that they have planned or are considering expanding investment in the country.

Executive Director of AmCham Vietnam Mary Tarnowka said that more consistent policies on adjustments to safely live with Covid-19 across localities nationwide will be key to Vietnam's economic recovery.

Accordingly, liberalizing the requirements related to international travel of foreign experts will not only facilitate investment expansion of enterprises operating in Vietnam, but also attract new investment inflows, she said.

However, the survey shows that production and business enterprises are also facing many difficulties because the domestic market continues to fluctuate and the international supply chain is still not connected as seamlessly as before.

The survey said the restriction on international travel is the main factor limiting operations of businesses at present, which leads to supply chain disruptions and increasing costs. Up to 56 percent of AmCham Vietnam’s member businesses said that they have encountered the shortage of labourers.

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Source: NDO/VNA

Ho Chi Minh City, leads localities nationwide, economic recovery, AmCham Vietnam, post Covid-19 pandemic, Vietnamese market, expanding investment
 
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