Many sectors in Vietnam expected to recover quickly once Covid-19 wanes

A restaurant in Huế City. The F&B industry is one of sectors that are expected to recover quickly after the pandemic ends. - VN

HANOI (Vietnam News/ANN): Experts have said that once the coronavirus (Covid-19) pandemic ends, higher market demand would support many sectors in quickly resuming their business.

Economic expert Nguyễn Đức Thành said after the COVID-19 pandemic, the most heavily affected industries will recover soon, excluding the transport and aviation industries. The two industries would gradually gain growth again.

The market demand will arrange which sectors to recover first, Thành told Therefore, the State should give priority for only essential sectors serving the State.

According to Thành, the domestic market after the pandemic will witness many changes.

He said most of the product lines are suffering negative impacts from Covid-19, including a group of products needing direct transactions with customers, such as transportation, aviation, brokerage, private education, hotel and restaurant services. The other group is export products that have faced suspension or restrictions.

The sectors with less impact from the pandemic include small-scale manufacturing and construction, or research, he said.

Meanwhile, many other sectors have gained growth during the pandemic, such as online transactions and trading electronic products for entertainment or working at home, he said.

Meanwhile, Phạm Việt Anh, a consultant on strategy and business growth, said the service sector has often accounted for about 50 per cent of GDP and created jobs for more than 30 per cent of the labour force.

However, the businesses of this sector mainly are small and medium-sized enterprises or micro ones with vulnerability during the Covid-19 pandemic, he said.

Therefore, if the sector is supported to recover, it would create a general development momentum for the economy as well as bring jobs and income for a large number of employees, ensuring social security after the pandemic ends.

Of which, people will have high demand for services such as food and beverage (F&B) and tourism after the period of social isolation due to Covid-19, he said.

Therefore, when the social distancing ended, restaurants, cafes, hotels and travel firms were expected to recover more quickly than other industrial sectors and agriculture that have dependence on the global supply chain.

For the F&B industry, Anh said the State needs to allow enterprises to resume their operation soon with conditions of ensuring prevention and control of Covid-19.

Meanwhile, domestic tourism needs to be stimulated soon because foreign tourism markets still depend on the situation of Covid-19, he said.

Nguyễn Đình Bích, an expert in research and analysis of the farm produce market, said boosting exports and stabilising the domestic market would help the agriculture sector to recover quickly after the pandemic.

At present, there are many difficulties in exporting farm produce, so the local enterprises need to prioritise the domestic market, said the Đinh Hùng Dũng, deputy general director of Lavifood Group. — Vietnam News/Asia News Network

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Vietnam , covid-19 , cases , economy , recover


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