The Managing Director of the International Monetary Fund (IMF), at a virtual meeting with G20 members, forecast that global economic growth this year would be negative, Finance Minister Sri Mulyani Indrawati stated.

With Việt Nam’s main agro-forestry and fisheries export markets after China such as the US and Europe being hit by the new coronavirus (Covid-19) pandemic, Vietnamese exporters are suffering.

Many Vietnamese garment and textile businesses have received notices from their US and EU partners that they will temporarily stop receiving goods for three weeks to one month.

The domestic shrimp industry has not faced a great impact from the novel coronavirus-caused acute respiratory disease (COVID-19) because now this industry is under production and Vietnam will enter its shrimp harvesting crop in August.

Vietnam garment makers are struggling as EU and US buyers cancel orders over the Covid-19 crisis. Revenue falls and staff cuts loom.

The European Union (EU)’s border closure to prevent the spread of the novel coronavirus disease (COVID-19) has not yet had a significant impact on goods circulation, said an official from the Ministry of Industry and Trade.

United Nations Secretary-General Antonio Guterres warned on Thursday that a global recession "is a near certainty" and current national responses to the coronavirus pandemic "will not address the global scale and complexity of the crisis."

While most textile and footwear enterprises in Việt Nam struggled to find alternative sources of raw materials to maintain production, some with local sources have survived during the COVID-19 pandemic.

Foreign enterprises operating in Vietnam in the areas of electronics, automobile assembly, garments and textiles and others are seeking local partners amid the outbreak of the COVID-19 epidemic in a large number of countries across the world. This is an opportunity for Vietnam's supporting industry enterprises to accelerate and participate in the global value chain.

As the the coronavirus pandemic grows, preventing a full-scale financial crisis requires exactly the right response.