[EuroCham Webinar] How much is COVID-19 Hurting our Economy? An Experience from China

On Friday the 23rd of April, EuroCham co-organised a webinar with the European Chamber of Commerce in China: “How much is COVID-19 Hurting our Economy? An Experience from China”. EuroCham Executive Director Oliver Regner hosted the event, which also included special guest speakers Mr Carlo D’Andrea, Vice-Chairman of the European Chamber of Commerce in China, and Dr Nguyen Duc Thanh, Founder and Chief Adviser of the Vietnam Institute for Economic and Policy Research.
 
Like most other major economies around the world, China has seen an economic shock from the COVID-19 pandemic and its knock-on effects such as social distancing and interruptions to international travel and trade. Likewise, Vietnam’s economic growth was reported at 3.82 per cent in the first quarter of 2020 – the lowest for more than a decade. And the sentiment of European business leaders in EuroCham’s latest Business Climate Index also fell to its lowest-ever score.
 
To see what lessons we can learn from China, this webinar gathered almost 100 online attendees to discuss the economic impact of COVID-19 on Vietnam, what policies could be introduced to help businesses weather the storm, and how European businesses in China are coping with this crisis.
 
Mr Carlo D’Andrea opened the webinar and discussed some of the supportive policies which were introduced to ease the burden on business in China. He also shared his personal reflections on the lockdown in Shanghai, and spoke about some of the differences in approach between China and the United States. Later, Dr Nguyen Duc Thanh gave a Vietnamese perspective on the pandemic and its economic impacts. He outlined how COVID-19 had affected indicators such as inbound tourist arrivals, foreign direct investment, and GDP growth; as well as its impact on different sectors and industries. He also discussed some of the potential policies that could assist businesses during this crisis.
 
In the Q&A session, participants discussed a wide range of issues including the potential for economic growth in Vietnam; European companies’ strategies in China; policies to address unemployment in Vietnam; and force majeure in legal contracts.
 
During these times of COVID-19, EuroCham will continue to keep our members updated on new developments in the business environment here in Vietnam through webinars such as this one. However, due to technical restrictions, the number of guests is limited to 100. So, please follow us on social media and check our e-bulletin each week to be first-in-line to register for future webinars.