August 19, 2021

[Webinar Recap] Vietnam H2 2021 Outlook: The Shock and Aftershock of the Fourth Wave

On Wednesday 18 August, EuroCham and Britcham hosted a webinar to take a closer look at the impact that the fourth wave of COVID-19 is having on Vietnam and, with a view of global experiences, discussed the uncertainties as well as the possibilities for Vietnam on the path of recovery during the second half of 2021. The event attracted more than four hundred registrations, and featured special guest speakers Tim Evans, CEO of HSBC Vietnam; and Thue Quist Thomasen, CEO of YouGov Vietnam and EuroCham Executive Committee member.
  
    
EuroCham Executive Director Delphine Rousselet opened the webinar, setting the scene for the presentation from HSBC: she said that Vietnam has now experienced four major outbreaks, with the current one being the most severe.
 
Tim Evans started his presentation by providing an overview of Vietnam’s economic situation since 2019 when the pandemic first started. The last two years have witnessed the resilience of Vietnamese people in fighting against the virus, which was also proven in the first half of 2021. The country had relatively strong GDP growth of 5.64%; increased exports, mostly in the tech sector; a gradual rise in PMI; all of which was quite positive for Vietnam.
 
However, as the fourth wave is happening, Vietnam’s GDP in the second half of 2021 is predicted to drop, depending on how the mass vaccination progresses. The figure will be higher than last year, despite falling below initial targets. Industries hardest hit include mobility, tourism, and services. As manufacturing has been disrupted, it also affects supply chains, which leads to a decrease in several other industries.
   

  
Mr Evans also emphasized that the only exit is mass vaccination, and Vietnamese people are highly accepting towards vaccines. So, along with many positive factors, in the long term when the vaccines continue to roll out, Vietnam should recover with GDP in 2022 expected to rise post-Covid.
 
Thue Quist Thomasen then discussed some trends and changes in Vietnam’s market during and post pandemic. Mr Thomasen said that this pandemic will affect the spending habits of Vietnamese people, who will lean more towards saving for emergencies like this. In addition, online grocery shopping is happening more, which might lead to a big change in Vietnamese people’s shopping habits.
 
Alongside that, cashless payment such as bank transfers and E-wallets are getting a boost, with some momentum coming from the demand for safe, contactless deliveries. YouGov surveys have also revealed that Vietnamese consumers now are more likely to recommend local brands, and this is a big shift from a few years ago, when the more foreign the product was, the better.
 
Therefore, business leaders need to adapt to the new situation and come up with suitable marketing and branding strategies. Besides, analysis shows that Ho Chi Minh City, Hanoi, Binh Duong and Dong Nai contribute to the majority of Vietnam’s GDP, so a continued prioritisation of these four cities and provinces will lead to fast improvements in overall economic recovery for the country.
 
In the Q&A section, speakers and participants discussed the situation of Vietnam during and after this fourth wave, investments from foreign countries, possible scenarios for manufacturers before and during Tet, predictions on Vietnam’s GDP in the upcoming period, and what the government can actually do now and after the lockdown to add some stimulus to the economy.

More News

See all

September 29, 2023

Green growth takes center stage at Vietnam Green Building Week

Read more

September 29, 2023

[CORPORATE SUPPORT] BASF Vietnam and partners rebuild seventh school for 100 students

Read more

September 29, 2023

EuroCham attends discussions on the draft decree pertaining to the 2023 Tendering Law

Read more

September 29, 2023

EuroCham unveils upcoming Green Economy Forum (GEF) 2023 at Hanoi press conference

Read more

September 29, 2023

[CORPORATE SUPPORT] Nestlé ranks first in coffee sustainability

Read more

September 28, 2023

Empowering Vietnam’s agricultural sector: EuroCham attends seminar on innovation for export competitiveness in agriculture

Read more

September 28, 2023

EuroCham Transportation and Logistics Sector Committee Meets with Ba Ria-Vung Tau Customs

Read more

September 22, 2023

EuroCham Vietnam attended National Assembly’s Vietnam Socio-Economic Forum 2023: Reinforcing Internal Capacity for Sustainable Growth

Read more

September 22, 2023

EuroCham Medical Devices and Diagnostics Sector Committee (MDDSC) joined ASEAN Common Submission Dossier Template Workshop

Read more

September 22, 2023

EuroCham’s collaborative meetings with the EU Ambassador-Designate Julien Guerrier

Read more

September 22, 2023

EuroCham Vietnam extended a warm welcome to French Ambassador to Vietnam H.E .Olivier Brochet

Read more

September 22, 2023

EuroCham Vietnam joined a launch of the “Circular Economy & Pioneering Models” book

Read more

September 21, 2023

EuroCham Vietnam hosts an exclusive evening to welcome EU Ambassador-Designate to Vietnam

Read more

September 15, 2023

EuroCham engages in a productive dialogue with the Administrative Procedures Control Agency and Reform (ACAPR)

Read more

September 15, 2023

A resounding success: Vietnam International Sourcing Expo 2023 and the EU-VN Trade Forum

Read more

September 15, 2023

[Event recap] EuroCham Women in Business Sector Committee hosted successful Roundtable on Gender Pay gap with Fulbright Professor Graeme Walker

Read more

September 15, 2023

[Sector Committee spotlight] Food, Agri and Aqua Business Sector Committee (FAABS)

Read more

September 14, 2023

Ho Chi Minh City Economic Forum 2023 and the 100 CEOs -Tea Connect spotlight green growth and net zero initiatives

Read more

September 12, 2023

EuroCham Vietnam engages in key talks with Luxembourg delegation to bolster EU-Vietnam economic relations

Read more

September 08, 2023

EuroCham participates in an inaugural meeting of Government Taskforce on Administrative Reforms (APR)

Read more

September 08, 2023

[CORPORATE] First Bayer ForwardFarm of Southeast Asia launched in Vietnam

Read more

September 08, 2023

EuroCham contributes to a critical discussion on attracting foreign investment in high-technology and promoting technology transfer

Read more

September 07, 2023

EuroCham Food, Agri, and Aqua Business Sector Committee (FAABS) explores sustainable aquaculture solutions at Skretting Factory in Long An

Read more

August 31, 2023

EuroCham delegation visits Bac Giang to discuss EU-Vietnam business trends

Read more

August 25, 2023

EuroCham Green Growth Sector Committee spotlights blue-green infrastructure solutions

Read more

August 25, 2023

EuroCham Vietnam engages authorities and state-owned enterprises to drive green growth and spotlight GEF 2023

Read more

August 25, 2023

[SUPPORTED EVENT] Nestlé Vietnam – Innovation and sustainability bring competitive advantages in business

Read more

August 25, 2023

[Sector Committee spotlight] Legal Sector Committee (LSC)

Read more

August 24, 2023

EuroCham’s Tourism and Hospitality Sector Committee visits Binh Thuan to explore tourism promotion collaboration

Read more

August 24, 2023

[Event recap][Business Luncheon] Mid-year review and Forecast for the second half of the year On the Vietnamese Economy

Read more

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Platinum Partners

Gold Premium Partners

Gold Partners

Silver Partners

Premium Service Partners