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Thursday, November 26, 2020

Thousands of retailers, wholesalers fear dissolution due to Covid-19

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HCMC – With customers cutting back on purchasing non-essential items due to the Covid-19 pandemic, over 8,000 retailers and wholesale businesses have halted their operations and fear they may soon have to shut shop for good.

Data from the Business Registration Agency under the Ministry of Planning and Investment indicated that between January and July, firms active in the retail and wholesale sectors accounted for the largest proportion of the total firms awaiting dissolution, with over 8,100 retailers and wholesalers.

Businesses operating in the processing and manufacturing industry came second with over 2,510 firms, followed by enterprises active in the construction sector, with 2,350 units.

K. Oanh, owner of a fashion shop on Huynh Van Banh Street in HCMC, noted that she returned the rented premises in late June as the shop’s sales dipped due to the coronavirus pandemic. The revenue was not enough to pay the salaries of employees and cover rent.

Many other stores and shops in HCMC, despite opening their doors, are hanging transfer signs at the entrance due to fewer buyers. Other major cities in the country have also seen poor trade activities.

Over the past seven months, the country saw over 21,800 firms suspend their operations and head toward dissolution, down 12.2% year-on-year.

By Le Hoang

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