European firms speak highly of swift, decisive actions of Vietnamese Gov’t in response to COVID-19

Accordingly, the EuroCham BCI plunged to its lowest-ever score of 26% in the first quarter of 2020. That represents a fall of 51 points from the 77% recorded in late 2019.

The BCI is a regular barometer of how European business leaders see the trade and investment environment in Viet Nam and the prospects of their own enterprises. Each quarter, the chamber asks its membership to answer a range of questions covering issues such as their investment plans, revenue projections, and workforce levels.

Almost 80% said that their business had incurred higher costs from measures taken to protect their workers and prevent the spread of the virus.

Despite the negative financial impact of COVID-19, European companies are taking important measures to protect both the health and the livelihoods of their workforce.

Four out of five business leaders are confident that they will be able to retain at least 70% of their staff over the next quarter. Meanwhile, 80% of businesses have asked their staff to work from home to prevent the spread of the virus.

This data shows that COVID-19 is having a deep and serious impact on European business in Viet Nam, said EuroCham Chairman Nicolas Audier.

There is also no doubt that, without the swift and decisive actions of the Government, the situation here could have been much worse, he stressed, adding that EuroCham’s members welcome the measures announced so far, which will provide a lifeline to companies and their workers during this difficult time.

EuroCham is committed to Viet Nam’s long-term economic growth, and its members remain available to share their insights and recommendations to help minimize the disruption of COVID-19 on business operations and, above all, to protect the health and wellbeing of people in Viet Nam, he asserted.

By Thuy Dung