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Although many organizations had forecasted that the world economy would experience a recession in the coming time, Vietnam's economy is expected to grow in the years to come, in which business situation in the first quarter of 2020 will be better than 2019.
According to VietnamCredit, despite the unfavorable impact of the global economy, Vietnam's economy in 2019 still maintained macroeconomic stability as many businesses still tried to uphold production output like in the previous years and gained high profits.
However, production and business activities of enterprises were set in the context of "growth in difficulties", although 49.2% of enterprises believed their performance was better than last year; 39.5% of businesses said that the business situation was basically stable and 11.3% of businesses assessed that their business performance decreased.
There are 6 growth barriers that can affect production and business activities of enterprises that businesses are facing. In which, the biggest barrier is believed to be the trade war between major countries / economies, followed by domestic trade protection which is quite a significant barrier compared to other issues including complex administrative procedures, competitiveness, weak competition support policies, or lack of skilled human resources.
The year 2019 continued to witness the growth of businesses in the service and industrial sectors, accounting for more than 98% of revenue. The agricultural sector only accounted for a modest proportion of revenue below 2%.
All industries saw a strong growth when the revenue growth of the entire business sector was 14.55%. There were many industries enjoying double-digit revenue growth, which is well above the average of the entire business sector such as banking - finance, transportation - logistics, construction - real estate.
Along with the forecasts of economic experts on Vietnam's optimistic economic prospects in the coming period, many businesses expressed their belief that the business situation in the first quarter of 2020 will be better than 2019 as 50% of businesses forecasted that the business results in the beginning of 2020 would be stable, 44.1% thought that the operation situation would increase and only 5.9% forecasted profit reduction.
To be able to achieve such positive results, 87.1% of businesses want the State to continue to accelerate the reform of administrative procedures and improve the legal environment because "this is a barrier believed to have a huge impact on production and business activities ".
In particular, up to 80.6% of businesses need the State to strengthen measures to support the search of output markets through forms such as trade promotion fairs, product promotion, and market research. In the context of deeper international economic integration and fiercely competitive market, the finding of output for products is more and more important, helping businesses develop.
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Compiled by VietnamCredit