Overall:

Due to effective measures, the government succeeded to shelter the economy from
the COVID-19 epidemic, when GDP rose by 2.9%- one of the world’s strongest rates.
Even so, it was Viet Nam’s lowest growth in a decade. The highlight point is that
Vietnamese consumers remain among the most optimistic, owing to robust and
resilient economic fundamentals. The pandemic, also, signals indicates a rapid and
irreversible trend toward omnichannel commerce.
Overall, not solely do customers’ channel preferences alter, but so do their baskets.
According to Worldpanel date, the health and personal care categories have
witnessed a rapid surge in demand. Hand wash and bar soap sales, for example, saw
double and even triple digits as consumers took extra precaustions to enhance their
safety. In contrast, the hotel and tourism sectors- the industries worst impacted by
the pandemic- were beat severely by a 78.7% drop in foreign arrivals. Several four
and five-star hotels have reduced their costs by 70-80%, including major brands such
as Hilton, Metropole, Daewoo, and Pullman. The COVID-19 effectively halts the
tourism business and places a significant strain on key cities.
“There is no time when speed matters more than when a pandemic strikes.”
Consumers feel a safer and more satisfying buying habit on online purchasing
platforms throughout the social distancing phase. Besides, various non-traditional
retail operators have taken the chance to enter the industry in response to the
increasing demand thanks to the digital transformation. Therefore, the digital firms
are to push harder and faster as the main driver for greater resilience in times of
crisis.
Many economic recoveries have occurred, however major large-scale initiatives that
transcend the development of the road network have been blocked. The metro lines
in Hanoi and Ho Chi Minh City are worth mentioning. Despite having the advantages
of tech production, these flaws will prevent enterprises to move transfer there.

These problems could only be overcome if corruption and incompetence in major

projects were fought at the same time. But this would require institutional reforms.

"Vietnam is currently the darling of the global manufacturing world, particularly when it
comes to tech production, but these shortcomings will become ever-more noticeable as
more business moves here." 
These problems could only be overcome if corruption and incompetence in major
projects were fought at the same time, Tatarski said. But this would require institutional
reforms.
, according to Trần Thanh Hải, deputy director of Import-Export Department under the Ministry of
Industry and Trade.