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» The Business Confidence Index decreased 10 points in the Third quarter of 2022

On 28th Oct 2022, Vietnam World Vest Base Financial Intelligence Services Company Limited (WVB FISL) published the results of WVB’s survey about business confidence index for the Third quarter of 2022.

This survey is conducted quarterly by WVB Company. Main objects of the survey are companies which have the most well- known brand, the largest number of Total Assets, Total Revenues and Employees.  Being performed  from  the  middle  of  September 2022 to the middle of October 2022, the survey attracted 156 Companies which active in many different fields in Vietnam, such as: construction, agriculture, forestry, electronics, telecommunications, trading, services…

According to the survey, Business Confidence Index (BCI) in the Third quarter of 2022 reached 108 points, reduced 10 points compared to the Second quarter of 2022. This index shows that Vietnamese enterprises are not optimistic about the situation current economy. However, participants believe that Vietnam's economy will be better in the coming time.

Summary survey’s result from 6 parts creating to the Business Confidence Index (BCI) in the Third Quarter of 2022 as following:

- On the general economic situation of Vietnam today: About 51.92% of participating  enterprises said that the general economy of Vietnam is now better than it was 12 months ago, 38.46% of these participants said that Vietnam economic conditions haven’t changed as of yet and 9.62% complained that economic conditions were less than 12 months ago.

The Ministry of Finance has issued Circular No.120/2021/TT-BTC stipulating the collection of a number of fees and charges in order to support and remove difficulties for those affected by the Covid-19 epidemic. The implementation period is from 1st January to 30th June, 2022. From 1st July 2022,  37 fees and charges will return to the previous rate. Most businesses believe that they will not be affected much when this policy expires. Besides, from 1st July 1, 2022, it is compulsory to apply electronic invoices, except for some cases such as small and medium enterprises, cooperatives, households and individuals doing business in areas with economic conditions difficult, especially difficult society does not conduct transactions with tax authorities by electronic means, does not have an accounting software system... This also does not affect much to the production and business of the enterprises participating in the survey. It can be seen that enterprises have very well grasped the regulations and policies of the State, as well as have better adapted to the changes in business methods after going through 2 years of the pandemic.

- Prediction of Vietnam’s general an economic situation in the next 12 months: Approximately 62.82% of participating enterprises believed that Vietnam's economy will be better in the next 12 months. 27.56% of these supposed to be unchanged and 9.62% predicted the future Vietnam's economy in 2023 is worse.

- Plans to use employees: 16.03% of participating enterprises expected to increase human resources, 65.38% of these expected to remain the same and 18.59% reduce in the future.

According to Decree 38/2022/ND-CP, the regional minimum wage will be increased by 6% from July 1, 2022, resulting in businesses having to make some adjustments to comply with the law. . The majority of enterprises were prepared for this change, only 10% of enterprises said that they would be greatly affected by this new policy. The State also makes great efforts to find ways to support enterprises such as the 2% interest rate support package according to the Government's Decree No. 31/2022/ND-CP dated May 20, 2022, but 52.5% of enterprises said the conditions for enjoying preferential interest rates are still tight, making it difficult for businesses to meet, but also 25% of businesses surveyed said that it was easy to access and complete the documents quickly to receive the support package.

- Investment plans for fixed assets: 16.67% of participating enterprises plan to increase the cost of fixed assets; 64.74% of these still have no plan and 18.59% plan to reduce the cost of fixed assets in the next 12 months.

- The faith in the revenue growth: 39.1% of participating enterprises are confident that their revenue will be higher in the next 12 months, 54.49% of enterprises will remain the same and 6.41% of enterprises are concerned about their sales in the next 12 months.

- The faith in the profit growth: 68.59% participating enterprises believed that their profit will increase in the following year, 28.21% of enterprises believed that profit will remain unchanged and 3.2% of enterprises are concerned about the decline in profits in the next 12 months.

The survey team also conducted interviews with enterprises to see how they have tried to adapt when the price of gasoline, raw materials, logistics, interest rates, etc… even though production and business have only just begun to recover after the pandemic. Thereby, the majority of enterprises choose to restructure, build appropriate investment, business and financial management methods, a part of enterprises seek to diversify channels to access capital, not only rely on bank credit. Although there are still many difficulties ahead, most businesses believe in a bright future, a brilliant 2022 and outstanding economic growth.

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Established in 1985, in Chicago, USA, World' Vest Base (WVB) has become the world’s leading global provider of financial fundamentals serving the research and analytic needs of thousands of top companies in the financial services, media and corporate markets. The WVB global database is the financial industry’s premier source of detailed and transparent financial statement data on public companies. The database universe spans over 50,000 public companies over 130 countries from Asia, Africa, Australia, Europe, Latin America and North America. WVB Regional databases also cover hundreds of thousands of private companies in Thailand, Vietnam, Laos, Cambodia, Malaysia, and Egypt. WVB also provides databases with Insider & Major Shareholders Transactions, specialized End-of-Day pricing for emerging markets and worldwide credit risk and business risk scoring.
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