Bankruptcy

The main goal is to minimize losses for the state budget and ensure lawful rights for workers, national security and defense, Prime Minister Nguyen Xuan Phuc has said.

Only 2% of enterprises in Vietnam are immune from the pandemic.

The number of newly-established enterprises in Vietnam in the first eight months of 2020, however, was down 2% year-on-year to 88,700.

The number of newly established enterprises in Vietnam in the first five months of 2020, however, was down 10.5% year-on-year to 48,300.

A change in the epicenter of the pandemic from China to the US and Europe is causing greater impacts on Vietnam’s economy.

The majority of enterprises taking part in the survey are focusing on the domestic market.

In the two-month period, over 2,600 household businesses in Hanoi were forced to shut down, and 6,400 others suspended operation, an increase of 22% and 37.8% year-on-year, respectively.

It is increasingly difficult for enterprises to pay operational expenses as revenues are hit by Covid-19.