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Unpacking Impact of
COVID-19 on
Vietnamese Firms:
Evidence from a
Novel Survey
Era Dabla-Norris, Anh Thi Ngoc Nguyen, Yuanyan Sophia
Zhang, Thuy Dinh Pham, Nga Huong Phi, Duong Thuy
Nguyen, and Tuan Danh Duong
IMF Working Papers describe research in
progress by the author(s) and are published to
elicit comments and to encourage debate.
The views expressed in IMF Working Papers are
those of the author(s) and do not necessarily
represent the views of the IMF, its Executive Board,
or IMF management.
2022
SEP
© 2022 International Monetary Fund WP/22/201
IMF Working Paper
Asia and the Pacific Department
Unpacking Impact of COVID-19 on Vietnamese Firms: Evidence from a Novel Survey
Prepared by Era Dabla-Norris, Anh Thi Ngoc Nguyen, Yuanyan Sophia Zhang,1 Thuy
Dinh Pham, Nga Huong Phi, Duong Thuy Nguyen, and Tuan Danh Duong
Authorized for distribution by Era Dabla-Norris
September 2022
IMF Working Papers describe research in progress by the author(s) and are published to elicit
comments and to encourage debate. The views expressed in IMF Working Papers are those of the
author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF
management.
ABSTRACT: Using a unique representative panel survey of Vietnamese enterprises in 2020, we
find that the pandemic and associated government support package had a heterogenous impact
across firms. The government support package, particularly tax cuts and deferrals, helped alleviate
short term stress, but tight ineligibility criteria and cumbersome procedures impacted take-up.
Econometric analysis suggests that the likelihood of accessing support was associated with firm
size, with larger
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