Effects of Covid-19 pandemic on construction in particular and economic in general

On August 12th , 2020, Vietnam has recorded 3 cases in the last 24 hours of Covid-19 infection,which has pushed the total number of Covid-19 cases in Vietnam to 866.

This phenomenon, is putting high pressure on the world economy in general and the Vietnamese economy in particular. According to the representative office of the International Labor Organization (ILO) in Vietnam, there will be 2 million workers are at risk of being affected and 50% of Vietnamese businesses can only survive for up to 6 months, if the pandemic crisis does not improve.

Dr. Chang-Hee Lee, director of International

Labor Organization (ILO) (source: ilo.org)

According to the ILO, partial or full blockades have affected 2.7 billion workers _81% of the global workforce, and worldwide employment hours fell 6.7% in second quarter of 2020, which means that 195 million workers are employed full-time.

(source:Internet)

Besides, according to the World Trade Organization (WTO), the global trade volume is forecasted to decrease by 13-32%. This can be seen clearly in Vietnam, since April 2020, there have been no foreign tourists coming to Vietnam, the export market has fallen sharply due to the lock down situation of the partners.

(source:Internet)

For the construction industry, with almost 80% of the jobs being completed at the site, the application of social gap and quarantine is slowing the construction progress of many works. Economic crisis leads to tightening spending in society, so the demand for immovable speculation is also dragged along.

Construction material trading and transportation meet certain difficulties due to the closure of many stores ...

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