Japanese firms in Vietnam face revenue losses due to COVID-19
Production and revenue of Japanese enterprises in Vietnam are expected to fall at 70 percent in the second quarter of 2020, the results of the latest survey showed.
Many of the more than 1,000 Japanese enterprises operating in Vietnam have seen revenue dropping significantly because of the effects of the the COVID-19 pandemic. (Photo: VNA)
HCMCity (VNS/VNA) - Production and revenuꦯe of Japanese enterprises in Vietnamare expected to fall at 70 percent in the second quarter of 2020, the resultsof the latest survey showed.
Accordingto the survey jointly conducted by the Japan External Trade Organisation(JETRO) and the Japanese Chamber of Commerce and Industry in Ho Chi Minh City(JCCH), compared to the February survey, the number of affected businesses hasdoubled.
Thesurvey showed that up to 60 percent of businesses said their March productionand revenue fell by 10-50 percent, while up to 70 percent of companies said theimpact would last in the second quarter and even the rest of the year.
Japaneseenterprises in Vietnam predicted their revenue this year would fall by 20-40 percent,and some businesses forecast revenue dropping by 50 percent compared to lastyear.
Japanesebusinesses operating in Vietnam also said the interrupted supply chain hadaffected the production situation.
Therestriction of movement between Vietnam and other countries had led to lesspersonnel movement of many companies, and many companies had had to adjusttheir personnel plans, including foreign experts.
Tocurb the damage, Japanese businesses said they hoped the Vi🐠etnamese Governmentwould provide quick and accurate information on th🔴e COVID-19 situation./.
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Many of the more than 1,000 Japanese enterprises operating in Vietnam have seen revenue dropping significantly because of the effects of the the COVID-19 pandemic. (Photo: VNA) 
