Many firms optimistic about business in Q2

Many enterprises in the manufacturing and processing industry are optimistic about the outlook for the second quarter of 2020, according to a survey conducted by the General Statistics Office (GSO).

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About 38.8% of manufacturing and processing firms believe that their business in the second would be better than in the first quarter (Photo:

In total, 38.8% of surveyed firms believe their business in the second quarter would be improved from the first three months, and 35.3% said they expect stable business.

Meanwhile, 25.9% of businesses anticipate more difficulties.

The State-owned sector is the most optimistic, with 77.9% of them forecasting a stable or better Q2, the office said.

About 74% of total private and FDI firms said they expect better business in Q2, while 73.8% of them thought business would remain stable.

However, only 18% of businesses in the manufacturing and processing industry have confirmed a higher number of new export orders in Q2 than in the first quarter.

About 37.5% of enterprises said they are facing a fall in new export orders, while 44.6% said they would be on a par with the first quarter.

The GSO also reported that among the main factors affecting production and business activities in the first quarter, 55.8% of businesses said domestic competitiveness is the biggest factor.

In the first quarter, 42% of the manufacturing and processing industry experienced difficulties in production and business due to the novel coronavirus (COVID-19) pandemic.

Meanwhile, 37.1% had stable production and business performance, and only 20.9% improved from the last quarter of 2019.