Coronavirus-7
07February, 2020
How does nCoV. affect Vietnam’s economy in 2020?

Talking to the One World e-newspaper reporter, Associate Proffssor, Dr. Dinh Trong Thinh, Financial Academy said that the disease caused by corona virus is a relatively difficult problem for the Vietnamese economy.

 

Experts believe that coronavirus has a great influence on Vietnam’s economy – Artwork

According to Mr. Thinh, the immediate effect is that production is in great difficulty in both directions. In 2018 and 2019, imports from China to Vietnam increased very fast. This is the source of fuel, raw materials and input materials for Vietnam’s manufacturing industry to grow. If exports in 2019 grew by more than 8%, then imports from China would also grow greatly.

However, due to the impact of the epidemic, Vietnam’s input relations will be problematic if China’s economy is difficult. Large Chinese industrial zones are also affected because people in many places are isolated, the amount of goods they supply to Vietnam will be affected.

“This influenza epidemic has not only affected China but also the world economy, making it difficult for Vietnam’s exports to China. At the same time, the export of Vietnamese goods South to the world also encountered difficulties due to rising prices due to increased raw materials, “Thinh said.

According to this expert, investors around the world are afraid that the epidemic will have to avoid investing, but invest in gold and other assets instead of producing. This makes world trade even lower.

Besides, the consumption of people is also shrinking when they do not want to go to the crowd, do not want the festival, the consumption of goods will also slow down.

For the tourism industry, Mr. Thinh said, in recent years, this industry has brought great benefits to the economy. In particular, the number of customers from China is very large. The epidemic caused tourism activity to decline, especially to Chinese customers.

“Not only Chinese tourists but also visitors in the US and Europe … have also decreased due to the epidemic situation, people tend to restrict tourism and restrict to crowded places. If this pandemic is not quickly extinguished, will affect much to our country’s economy, “Thinh said.

However, this expert also said that in the past, many people were worried that the world economy will fall into crisis by 2020. The US economy may slow down and fall into crisis. However, this time can see the world economy may slow down but can not fall into crisis this year. Therefore, achieving the goals set by the National Assembly is possible.

Regarding this issue, Minister of Industry and Trade Tran Tuan Anh has requested units under the Ministry to analyze and evaluate the overall impact of the nCoV epidemic on production, export and propose solutions and recommendations. practical observation.

According to the Ministry of Industry and Trade, the epidemic will continue to be more and more complicated and unpredictable in the time of disease control and will have short-term and long-term effects on trade and economic cooperation. between Vietnam and China in 3 aspects: Export of agricultural and fishery products of Vietnam to China; exchanges, exchanges and transactions between enterprises of the two countries; the process of promoting market opening negotiations and removing difficulties for a number of Vietnam’s strong export products to the Chinese market.

The Minister requested units under the Ministry to analyze and comprehensively assess the impact of the nCoV epidemic on production and export and propose solutions and recommendations that are practical, non-general and superficial. In addition to setting up a working group to build reports, impact assessments and proposing each solution to cope with nCoV pneumonia, the Minister also assigned specific tasks to each individual and the head of units. .

“In the context of new integration, but with complicated evolutions, how will the impact on trade activities, including export and import of goods of Vietnam?”, The Minister asked.

The leader of Industry and Trade asked the units to continue to conduct in-depth study and comprehensively assess the impact of the nCoV epidemic on both domestic and foreign markets on the basis of an overview and comprehensive evaluation through updating. movements, providing analyzes and forecasts of major impacts on Vietnam from epidemics from the lowest to the highest levels to provide solutions in both short and long term.

Assessments and analyzes should be linked to the context of integration and open market of goods, at the same time, must be associated with the process of production restructuring, including solutions to improve productivity. , quality and added value of goods, improve the competitiveness of the economy.

“Finding and expanding the market is necessary and in fact the Ministry of Industry and Trade has been actively deploying, however, in the context of complicated movements of the nCoV epidemic, it is necessary first to focus on markets that have potential and room for development, “the Minister asked.

Regarding the export of agricultural products to China, the Import-Export Department has sent a written request to the Vietnam Logistics Service Enterprises Association to notify priority logistics enterprises to lease-export agricultural enterprises. cold storage with preferential prices at the present time.

The Department has proposed the Trade Office in countries that have officially allowed the import of dragon fruits (white and red flesh) of Vietnam to actively organize and work with the Association and reputable import enterprises. in the host country to provide information and connect with enterprises, dragon fruit export packing facilities of Long An province in particular and the whole country in general in order to support increasing consumption and export, reducing dependence on a market.

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