Due to the novel coronavirus impact, Vietnam’s GDP growth hit roughly 3.82 percent in Q1, the lowest since 2010, the General Statistics Office reported Friday.
In the first quarter of 2020, the Vietnamese economy grew at the slowest pace in the past decade as the COVID-19 outbreak dealt a blow to key industries like services and manufacturing.
Viet Nam’s gross domestic product (GDP) expanded by 3.82 per cent in the first quarter of this year – the lowest growth rate posted in the past 10 years – showing the tremendous impact the novel coronavirus (COVID-19) pandemic is having on the country’s economy.
The Ha Noi Small- and Medium-sized Enterprises Association (Hanoisme) has proposed Ha Noi to cut land rent by 50 per cent in the first half of this year for enterprises struggling due to the novel coronavirus (COVID-19) pandemic.
The capital city’s gross regional domestic product (GRDP) growth was estimated at 3.72 per cent in the first quarter of this year, the slowest pace over the past few years, the municipal Statistics Office has said.
In the first two months this year, only VND79 billion ($3.43 million) of state capital was divested at four businesses. Nguyen Duc Chi, chairman of State Capital Investment Corporation, sheds some light on the reason behind this and measures to better the situation.
FDI pledges for new projects, capital supplements and stake acquisitions in Vietnam in Q1 fell 20.9 percent year-on-year due to the new coronavirus impact.
Hanoi has ordered the shutting of “non-essential” businesses, except for shops selling food, medicine and fuel, until April 5 to prevent the spread of Covid-19.
Vietnam’s startup ecosystem continues to be a darling for foreign ventures funds and angel investors. However, the flow of fresh funds into the market might be dampened by the rapidly escalating global health emergency. Eddie Thai, partner at US-headquartered venture capital firm and incubator 500 Startups, outlined to VIR’s Thanh Van his insight into Vietnam’s startup ecosystem amidst the crisis and his fund’s plan in 2020.
The Vietnam Digital Agriculture Association (VIDA) proposed the Government increase updates of accurate market information and the developments of the COVID-19 outbreak, helping businesses balance their imports with domestic consumption as well as setting operation plans.