MINISTRY OF EDUCATION AND TRAINING DA NANG UNIVERSITY OF ECONOMICS REPORT INTRODUCTION TO BUSINESS The Impact of Covid – 19 Pandemic on Vietnam Economy in the last two years Lecturer Nguyễn Sơn Tùng Class 46K01 1 Group 1 Da Nang, 6th March, 2022 Abstract The breakout of the COVID 19 pandemic has been a disaster on a massive scale The major strategy for avoiding COVID 19 transmission has been to distance society, which has resulted in economic stagnation Vietnam is no exception Vietnam, however,.
MINISTRY OF EDUCATION AND TRAINING DA NANG UNIVERSITY OF ECONOMICS REPORT INTRODUCTION TO BUSINESS The Impact of Covid – 19 Pandemic on Vietnam Economy in the last two years Lecturer: Nguyễn Sơn Tùng Class: 46K01.1 Group 1: Da Nang, 6th March, 2022 Abstract The breakout of the COVID-19 pandemic has been a disaster on a massive scale The major strategy for avoiding COVID-19 transmission has been to distance society, which has resulted in economic stagnation Vietnam is no exception Vietnam, however, is far better than many other countries in terms of weathering the economic downturn It is one of the few countries in the world that witness positive GDP growth In this paper, we examine COVID-19 impacts, based on the economic indicators of Vietnam in the last two years, namely, GDP, balance trade, and inflation Furthermore, this paper investigates several hardest-hit sectors and some prospering industries during the Covid-19 On that basis, we also draw lessons learned after years of anti-epidemic in Vietnam Introduction The COVID-19 epidemic has protracted as a far-reaching crisis, threatening health, disrupting economic activities and damaging people's lives around the world, forcing countries to seal their borders and impose social distancing to fight the epidemic The coronavirus had wreaked havoc on the company's supply chains and hit personnel in crucial industries The longrunning COVID-19 epidemic in Vietnam has also hampered the country's economic recovery The pandemic prevents workers from returning to work and increases operational pressures for business A series of companies were forced to close However, Vietnam's markets remain robust, and the country's economy appears to be sturdy enough to weather the recent production disruptions brought on by the pandemic Moreover, besides the negative effects, there are many companies still surviving well amid the pandemic This paper aims to bring out the general picture of Vietnam’s economy during Covid 19 I Economic Indicators GDP 1.1 Overview COVID 19 has exerted substantial negative impacts on the performance of economies around the world The Vietnamese economy is no exception In 2020, GDP growth rate reached 2.91%, declined by 4.14% compared to 2019 but this growth rate was still among the highest in the world GDP in 2021 dropped by 0.33% compared to 2020, reaching 2.58% - the lowest rate in the period 2011-2021 [CITATION Placeholder1 \l 1033 ] For the first time since 2000, Vietnam recorded a quarter of negative growth rate Two of the three main pillars construction and services industries, had been "hit" heavily That was the result of production activities stalled, supply chain disruptions and purchasing power plummeting because of social distancing orders in many localities Figure 1: Growth rate of Vietnam during the period 2011-2021 6.24 6.68 5.98 5.25 6.81 7.08 7.02 6.21 5.42 2.91 2.58 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: General Statistics Office of Vietnam Figure 2: Comparing the GDP growth rate of Vietnam and other countries Source: General Statistics Office of Vietnam 1.2 GDP by sectors in 2020 In terms of the economic structure of Vietnam in 2020, the agriculture, forestry and fishery sector accounted for 14.85% of the whole economy; industry and construction made up 33.72%, service sector contributed 41.63% and product tax minus product subsidies accounted for 9.8% [CITATION Placeholder2 \l 1066 ] The agriculture, forestry and fishery sector increased by 2.68%, contributing 13.5% to the overall economy's total value added growth rate This sector had faced many difficulties due to the impact of drought, saltwater intrusion and floods Moreover, the unpredictable and complicated development of the Covid-19 epidemic has affected the export, import and consumption of agricultural products Meanwhile, the industry and construction sector increased by 3.98%, contributing the most to the economy’s value added growth rate (53%) This was owing to the fact that Covid-19 epidemic was well controlled in the country, and the Vietnam-EU Free Trade Agreement (EVFTA) was implemented As a result, industrial production in the fourth quarter of 2020 had prospered In addition, the processing and manufacturing industries play a key role in driving the overall growth of the sector and the whole economy Service sector increased by 2.34%, contributing 33.5% to the growth rate of total added value This was the lowest growth rate during the period 2011-2020 because the Covid-19 outbreak had significant impacts on commercial and service activities Figure 3: GDP by sectors in 2020 Product tax minus Agricultural product subsidies; forestry-fishery; 9.80% 14.85% Industry and construction; 33.72% Services; 41.63% Source: General Statistics Office of Vietnam 1.3 GDP by sectors in 2021 In terms of the economic structure of Vietnam in 2021, the agriculture, forestry and fishery sector accounted for 12.36% of the whole economy; industry and construction made up 37.86%, service sector contributed 40.95% and product tax minus product subsidies accounted for 8.83% Figure 4: GDP structure in 2021and sector growth Y-O-Y Source: General Statistics Office of Vietnam Specifically, the agricultural, forestry, and fishing sector increased by 2.9% and contributed 13.97% to the overall economy's total value-added growth rate, which was higher than in 2020 (2,68%, contributed 13,5%) The industrial and construction sector increased by 4.05%, contributing 63.80%, a higher percentage than in 2020 (3,98% contributed 53%) In the context of the globe and Vietnam being heavily affected by the covid-19 epidemic, the growth of the industry is a bright light, contributing positively to the total growth of the economy in 2021 In the industry and construction sector, the processing and manufacturing industry remained the growth engine of the whole economy, increasing by nearly 6.8% and contributing 1.61 percentage points to the overall growth rate The service sector rose by 1.22%, contributing 22.23% lower than 2020 The wholesale and retail industry fell by 0.21%over the previous year, lowering the growth rate of the total added value of the entire economy by 0.02 percentage points The Covid-19 epidemic's convoluted progression has had a significant impact on commercial and service activities because of the emergence of new strains of coronavirus (Omicron) Negative growth in several service industries accounted for a major amount of the decline in the service sector's and economy's overall growth rates Balance Trade 2.1 Balance trade in 2020 In the context that the covid-19 pandemic was so complicated and showed no signs of stopping, import-export activities in particular and economic recovery in general had encountered numerous challenges However, the total import and export turnover of products still maintained a high growth rate In 2020, the total import-export turnover of goods was estimated at $543.9 billion, up 5.1% compared to the previous year, of which the export turnover of goods reached 281.5 billion USD, an increase 6.5%; goods import reached 262.4 billion USD, up 3.6% The balance of trade in goods in 2020 was estimated to have a trade surplus of 19.1 billion USD, the largest trade surplus ever This was partly attributable to the Free Trade Agreements, which had brought positive signals to the Vietnam economy, especially the Free Trade Agreement between Vietnam and the EU (EVFTA) In 2020, exports to the EU reached $34.8 billion; notably, after months of implementation (from August 1st , 2020), Viet Nam's total export turnover to the EU reached 15.4 billion USD, up 1.6% over the same period last year This reflected the high growth of domestic production capacity, favorable investment, production and business environment, and the success of Vietnam international economic integration process This is an encouraging result in the context of a serious economic decline in the EU region and continues to face the convoluted Covid-19 pandemic Figure 5: Vietnam balance trade 2016-2021 19.1 10.9 6.5 1.6 1.9 2016 2017 2018 2019 2020 2021 Source: General Statistics Office of Vietnam 2.2 Balance trade in 2021 In general, the country's total import-export value in 2021 was $668.55 billion, up 22.6% from the previous year and equivalent to an increase of $123.23 billion The trade balance of goods is estimated to have a trade surplus of $4 billion Figure 6: Import-export revenue over years (billion USD) Source: General Statistics Office of Vietnam 2.2.1 Export In 2021, total export value increased 19 percent to $336.25 billion, equating to a $53.68 billion rise over the same period last year In terms of the export structure, fishery products accounted for 2.6%, reaching $8.89 billion; agro-forestry products made up 7.1%, touching $23.76 billion; fuels and minerals contributed 1.1% and processing industry accounted for 89.2% These bright figures were acquired thanks to the fact that the government and domestic businesses have effectively exploited trade promotion on digital platforms Besides, the global supply chain gradually recovering after the epidemic, and the demand of markets increasing again were also the main driving forces behind export growth Figure 7: Export structure (billion USD) Exports to markets with which Vietnam has FTAs grew rapidly (3.1 percent), such as China (15%), the United States (24.2%), the European Union (14%), ASEAN (25.8%), the Republic of Korea (RoK) (15.8%), India (21%), New Zealand (42.5%), and Australia (42.5%) With an estimated turnover of $95.6 billion, the United States was Vietnam's largest export market for such products as electronics, garments, and smartphones 2.2.2 Import In terms of imports in 2021, the total import value reached $332.25 billion, up 26.5% compared to 2020 In terms of the export structure, consumer goods accounted for 6.5% while production material made up 93.5% In particular, machinery and equipment, computers, electronic products, phones, and components grew by $25.3 billion; iron and steel products, scrap, iron and steel products, other common metals and products grew by $8.12 billion; and agricultural products grew by $5.57 billion China was Vietnam's largest import market with an anticipated turnover of 109.9 billion dollars Figure 8: Import structure (billion USD) Source: General Statistics Office of Vietnam Inflation rate Figure 9: Vietnam Inflation Rate 3.53 3.5 3.54 3.23 2.79 2.66 2.5 1.84 1.5 0.63 0.5 2015 2016 2017 2018 2019 2020 2021 Source: General Statistics Office (GSO Figure 10: Causes of rising CPI Source: General Statistics Office (GSO) In 2021, CPI increased by 1.84% over the previous year, the lowest increase since 2016 Low inflation, notwithstanding increases in food and essential commodities costs owing to Covid19 limits, is a negative rather than a positive sign, indicating a lack of aggregate demand and economic activity It may also result in low inflation forecasts in the months ahead In Ho Chi Minh City, for example, activities in retail and recreation venues, parks, workplaces, and transit stations decreased by 85 to 90% in July 2021 compared to the base period of January to February 2020 Due to the fact that Ho Chi Minh City is Vietnam's most important economic hub, this crisis will have serious and long-term consequences for the country's economy The low consumer price index was partly attributable to poor purchasing power, and school tuition fee exemptions/reductions as a result of the prolonged COVID-19 pandemic People have been compelled to stay at home, resulting in a 21.15 percent drop in plane tickets and a 2.32 percent drop in vacation packages Rising gasoline costs were the primary cause of the CPI's rise Petrol prices alone climbed by 31.74%, causing CPI to increase by 1.14 percentage points Besides, the gas price increased by 25.89%, making the overall CPI increase by 0.38 percentage points Thus, the fluctuation of crude oil price alone made CPI increase by 1.52% of the total increase of 1.84% The above figures have shown that petrol has a huge impact on inflation In addition, according to the General Statistics Office, rice and construction materials prices climbed by 5.79% and 7.03%, respectively, leading to a 1.84% increase in the consumer price index Moreover, the rise in raw material prices triggered a chain reaction, causing many manufacturers and restaurants to stand still, especially given that company activity has only recently resumed after a four-month hiatus Meanwhile, food prices fell 0.54 percent year 10 over year, with pork prices falling 10.52 percent, resulting in a 0.12 percentage point decline in the total CPI Unemployment rate In 2021, the rate of job loss and business closures is at a record high More than 1.7 million people of working age were unemployed in the third quarter, an increase of half a million compared to the previous quarter The unemployment rate reached 3.98%, the highest in a decade There were 12 million people having their hours cut; 18.9 million people lost their income Losing jobs, running out of money while there are still many other pressures such as paying rent, worrying about epidemics , millions of workers have found ways, from motorbikes, bicycles, even walking, to return home as soon as the social distancing order is eased Since then, an unprecedented large-scale migration wave has emerged Figure 11: Unemployment rate of Vietnam during the period 2012-2020 Source: tradingeconomics.com/General statistics office of Vietnam II Industries that are hit hard amid COVID-19 Tourism Industry Tourism development is really considered as an integrated service economy that has a direct impact on the socio-economic development process in Vietnam [CITATION Huy21 \l 1066 ] However, whilst the entire world in general and Vietnam in particular have been heavily suffering from the Covid-19 epidemic, it is extraordinarily difficult for the tourism industry to maintain its development position as in the past According to the General Statistics Office of Vietnam (GSO), in 2020, international visitors to Vietnam only reached 3.8 million arrivals, down 78.7% as compared to 2019 Domestic tourists only reached 56 million arrivals, down 34.1% as compared to 2019 and only 68.29% 11 compared to the target of 82 million domestic visitors; total tourism receipts were around $13.8 billion, decreased by 58.7% The impact of COVID-19 on the tourism industry in Vietnam is presently a main concern, due to the fact the crisis has entailed a wide range of economic downturn and profound consequences at the livelihood of citizens The impact of the COVID-19 crisis has led to a domino effect in different areas of the local tourism system The waves of COVID-19 have hit all local businesses, especially small and medium-sized businesses with limited financial capacity However, since October 2021, Vietnam has changed its policy from "zero-COVID" to "new normal" Restaurants and recreational establishments are allowed to reopen and offer dine-in service This is expected to revitalize the tourism industry of the country Aviation Industry The COVID-19 pandemic has hit the aviation industry around the world Borders closures, social lockdowns and travel restrictions have been imposed by the government to slow the spread of the virus Many countries with regional integration policies have temporarily resumed border control practices, which have helped to stall the aviation industry [ CITATION Law22 \l 1033 ] The pandemic was the biggest crisis ever for the international aviation industry (Jenkins, 2020) Border closures and blockades by many countries have significantly reduced travel demand To cope with the situation, many airlines have been released to cancel the flight, the grounded plane and survive the staff Vietnamese airlines also are facing accumulated difficulties Damage to Vietnam’s aviation industry due to the Covid-19 epidemic was very serious, and the number of passengers and goods has also decreased sharply Generally for months, passengers carried by airway reached 22.5 million passengers, a decrease of 45.5% over the same period last year and passengers traffic gained 25.4 billion passengers-km, a decline of 55.9%; freight carried reached 196.6 million tons, down 39.4% compared to the similar period last year and freight traffic gained 2.6 billion tons-km, down 54.2% Due to the limited operation of the flights, the airline’s revenue fell sharply, and the airline is facing a high risk of bankruptcy because they can not cover the large costs to maintain operations 12 Figure 12: Number of flights by domestic airlines in 11 months in 2021 Source: General Statistics Office (GSO) The short-term debt of three main airlines, Vietnam Airlines, VietJet Air, and Bamboo Airways, was projected to reach US $1.56 billion by June 2021, and there had been prompting calls for the industry to be bailed out However, in the context of the well-controlled of Covid-19 epidemic in Viet Nam as well as some countries around the world, airlines announce to re-open and increase the frequency of domestic flights, restore some international commercial routes to meet the needs of passengers, contributing to connecting trade and maintaining production and business activities This is a positive signal which shows that the aviation industry is gradually recovering III Industries have outperformed amid COVID-19 The pandemic has wreaked havoc on economies all across the world, but it has also opened up new opportunities for particular industries, with several businesses in the country prospering It's critical to comprehend the reasons why certain industries have succeeded so well compared to others Technology industry 1.1 Digital transformation While COVID-19 has wreaked enormous damage on society and economy, it has also provided us with a look into the future - one in which digital has become crucial to all interactions, social and economic In Vietnam, the pandemic as well as prolonged lockdowns 13 have boosted digital growth Home-based work, remote learning, and home supply delivery are all made easier with digital transformation Figure 13: Annual digital growth rate of Vietnam between January 2020 and January 2021 Source: datareportal.com Between January 2020 and January 2021, the number of internet users in Vietnam increased by 0.8%, reaching 68.72 million During the same period, the number of mobile connections increased by 1.3 million (+0.9%) Meanwhile, in January 2021, Vietnam had around 72 million social media users Numerous activities, including shopping, working, studying, entertaining, etc, have been compelled to migrate to online platforms This has accelerated business adoption of digital technology and increased demand for IT solutions It can be said that the covid19 is a "catalyst" for the technological revolution Prior to the COVID-19 pandemic, Vietnam's ability to innovate was around average The country was lagging behind many of its counterparts in terms of digital technology adoption (figure 14) Figure 14: Growth of innovative companies 14 Source: World Bank staff calculations using WEF 2021 data However, the COVID-19 pandemic in 2020 and its residual repercussions in 2021 were a real game changer Vietnam's businesses have embraced ICT (Information & Communication Technologies) to enable remote work and reach out to customers despite social isolation and mobility constraints According to World Bank surveys, in reaction to the COVID-19 outbreak, the rate of Vietnamese enterprises utilizing digital platforms, social networks, specialized applications, and e-commerce sites has gone up significantly, from 48% in June 2020 to 73% in January 2021 Meanwhile, enterprises investing in digital solutions, such as installing software and equipment for business operations, increased from 5% to 21% 1.2 Technology companies While other industries have struggled to stay afloat, the technology industry has seen considerable development despite the economic depression brought on by the Covid-19 pandemic In 2021, there were 5,600 new digital technology enterprises in Vietnam, owing to the necessity to work, and communicate online in the wake of the COVID-19 epidemic The increasing demand for digital transformation has helped businesses such as FPT Corporation and VNPT experienced positive growth Specifically, in 2020, FPT Corporation recorded VND 29,830 billion in revenue and VND 5,261 billion in pre-tax profit, which increased by 7.6% and 12.8% respectively compared to the previous year FPT's net profit after tax increased by 13.1% compared to 2019, reaching VND 4,422 billion 15 In 2021, revenue and pre-tax profit of FPT Corporation reached VND 35,657 billion and VND 6,335 billion respectively, which increased by 19.5% and 20.4% over the same period, both exceeding the plan set out at the beginning of the year Figure 15: Profit and growth rate of FPT in 2021 Source: finance.vietstock.vn Figure 16: Turnover and growth rate of FPT in 2021 Source: finance.vietstock.vn According to FPT Corporation, this is the result of focusing on implementing the internal digital transformation strategy in all aspects from human resource management, finance and business to automation and digitization of processes and operations , interact with 16 customers , helping the Corporation to proactively and flexibly respond in time to the complicated and unpredictable developments of COVID-19, maintain smooth, efficient and growth business operations The leading enterprise in the field of telecommunications is Military Telecommunications Group (Viettel), which has very impressive business results In 2020, the group's total revenue reached more than VND 264,000 billion Viettel's pre-tax profit reached VND 39,800 billion In 2021, Viettel Group's revenue reached VND 274 trillion, up 3.3%, profit reached VND 40.1 trillion, up 2.0% Thus, it can be seen that enterprises in the information technology and telecommunications industries have had a "prosperous" business year with outstanding revenue and profit that many businesses operating in other fields have to wish for." Securities Industry 2.1 Stock market snapshot In 2021, investors have considered the stock market as a shelter amid the economic downturn posed by the COVID-19 pandemic For this reason, the Vietnam stock market has hit new records high in terms of scores, liquidity, and the number of new accounts opened this year The VN-index fell considerably in the first three months of 2020 During this time, market capitalization declined by 37.4 billion USD However, from April to April 15, 2020, Directive No 16/CT-TTg imposed a national shutdown to prevent community transmission of the virus For this reason, the government was able to successfully limit COVID-19 infection rates, and the stock market began to rebound, eventually becoming one of the world's top four performing stock markets Figure 17: Vietnam Ho Chi Minh stock index Source: tradingview.com 17 On November 25, the Ho Chi Minh Stock Exchange's (HOSE) benchmark VN-Index hit a fresh record high of 1,500.8, up about 36% from late 2020, defying a downturn in most Asian equity markets Though the trading value from 2020 back to the past was still relatively low, the market's daily turnover value and volume spiked significantly following the pandemic, owing to massive participation by individual investors, who fueled the entire stock market's meltdown The daily turnover value has recently reached a historic high, delivering at US$1.2-US$1.3 billion each trading day, in keeping with market optimism and a flood of ordinary investors The stock market has become an appealing investment channel for people having spare cash, resulting in a dramatic increase in liquidity On December 23, 2021 liquidity reached over 53 trillion VND (about 2.3 billion USD) for the first time Figure 18: Vietnam equity trading value surges to a fresh record high in 2021 Source: Bloomberg Generally, 1.5 million new accounts were opened in 2021, primarily by domestic private investors, which is equal to the combined amount over the previous four years According to experts, low bank deposit rates, the government's stricter supervision over corporate bonds, and economic recovery in the new normal, are all factors contributing to the surge in new securities accounts 18 Figure 19: The number of new accounts opened monthly 50000 221300 00000 15 0000 140193 113911 110655 113543 100000 120506 129751 114962 101078 86107 63075 57018 0000 41080 Nov-20 De c-20 Jan-2 Fe b-21 Mar-21 Apr-21 May-2 Jun-21 Jul-2 Aug-2 Se p-21 Oct-2 Nov-21 Source: Vietnam Securities Depository 2.2 Securities companies In 2021, Securities companies see record profits in 2021 The wave of entry of new investors violently pushed the profits of securities companies to sublimate It took 21 years for the securities industry to have such a brilliant year A series of securities companies have reported record profits since their establishment Specifically, In 2021, the pre-tax profit of parent company SSI Securities reached VND3,327 billion, increasing by 113% - equivalent to a medium-sized bank in Vietnam In the fourth quarter alone, the parent company SSI made a profit of 1,264 billion dong TCBS Securities in 2021 also broke a record and reached the top position in the profit of the industry with VND 3,810 billion, increasing by 42% compared to the previous year However, TCBS's profit comes from bond trading and capital arrangement for businesses VNDirect Securities Company also achieved a parent company's profit of VND 2,178 billion, up 3.2 times over the same period Saigon - Hanoi Securities (SHS) also made a strong breakthrough when pre-tax profit reached 1,753 billion dong, up 87%; HSC reached 1,430 billion, increasing by 117% compared to the previous year; Viet Capital Securities achieved VND 1,851 billion in pre-tax profit, up 95% Mirae Securities (MAS) reached VND 957 billion, up 60% over the same period [CITATION Caf21 \l 1033 ] 19 Figure 20 : Pre-tax profit of Vietnamese securities companies (billion VND) Source: Cafef Conclusion The pandemic wreaked havoc on the economy, but Vietnam has taken bold steps to minimize the health and economic consequences Vietnam is far better than many other countries in terms of weathering the economic downturn This is thanks to policies of the government, the consensus of administrations at all levels, sectors, and localities, and the active participation of people from all walks of life And now, when Vietnam gradually eases social constraints in the face of the Covid-19 outbreak, it is still a challenge for Vietnamese officials to strike a balance between economic reopening and public health 20 Reference Anon., 2020 BÁO CÁO KINH TẾ VĨ MÔ VIỆT NAM Quý - 2020, Ha Noi: Viện Nghiên cứu Kinh tế Chính sách trường Đại học Kinh tế, Đại học Quốc Gia Hà Nội Anon., 2021 Emerging COVID-19 success story: Vietnam’s commitment to containment [Online] Available at: https://ourworldindata.org/covid-exemplar-vietnam#introduction Anon., 2021 Vietnam GDP Annual Growth Rate [Online] Available at: https://tradingeconomics.com/vietnam/gdp-growth-annual Anon., 2021 Vietnam GDP Annual Growth Rate [Online] Available at: https://tradingeconomics.com/vietnam/gdp-growth-annual GSO, 2020 SOCIO-ECONOMIC SITUATION IN THE FOURTH QUARTER AND 2020 [Online] Available at: https://www.gso.gov.vn/en/data-and-statistics/2021/01/socio-economic-situationin-the-fourth-quarter-and-the-whole-year-2020/#:~:text=GDP%20in%202020%20increased %20by,19%20pandemic%20happened%20complicatedly%2C%20negatively [Accessed 04 2022] GSO, 2020 SOCIO-ECONOMIC SITUATION IN THE FOURTH QUARTER AND 2020 [Online] Available at: https://www.gso.gov.vn/en/data-and-statistics/2021/01/socio-economic-situationin-the-fourth-quarter-and-the-whole-year-2020/#:~:text=GDP%20in%202020%20increased %20by,19%20pandemic%20happened%20complicatedly%2C%20negatively GSO, 2020 VIETNAM’S GDP IN MONTHS OF 2020 INCREASED POSITIVELY IN THE CONTEXT OF THE WORLD ECONOMIC RECESSION [Online] Available at: https://www.gso.gov.vn/en/data-and-statistics/2020/11/vietnams-gdp-in-9months-of-2020-increased-positively-in-the-context-of-the-world-economic-recession/ [Accessed 04 03 2022] GSO, 2021 VIET NAM ECONOMY IN 2020 THE GROWTH OF A YEAR WITH FULL OF BRAVERY [Online] Available at: https://www.gso.gov.vn/en/data-and-statistics/2021/01/viet-nam-economy-in2020-the-growth-of-a-year-with-full-of-bravery/ [Accessed 05 03 2022] Huệ, B., 2021 Cafef [Online] Available at: https://cafef.vn/nam-ruc-ro-nhat-cua-nganh-xuat-hien-cong-ty-chung-khoanthuong-tet-13-thang-luong-loat-cong-ty-thuong-6-7-thang-20220127104944508.chn [Accessed 03 03 2022] 21 H V D et al., 2021 The COVID-19 Pandemic and Its Impacts on Tourism Business in a Developing City: Insight from Vietnam The Impact of COVID-19 on Financial Markets and the Real Economy, Issue 172 Kemp, S., 2021 DIGITAL 2021: VIETNAM, s.l.: DATAREPORTAL Law, C C H & Katekaew, R., 2022 COVID-19: ASEAN Aviation Policy and the Significance of Intra-regional Connectivity Journal of Asian Economic Integration 22 ... consequences at the livelihood of citizens The impact of the COVID- 19 crisis has led to a domino effect in different areas of the local tourism system The waves of COVID- 19 have hit all local businesses,... The impact of COVID- 19 on the tourism industry in Vietnam is presently a main concern, due to the fact the crisis has entailed a wide range of economic downturn and profound consequences at the. .. affected by the covid- 19 epidemic, the growth of the industry is a bright light, contributing positively to the total growth of the economy in 2021 In the industry and construction sector, the processing