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Turning Vietnam’s COVID-19 Success into Economic Recovery: A Job-Focused Analysis of Individual Assessments on Their Finance and the Economy

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  • Dang, Hai-Anh H.
  • Giang, Long T.

Abstract

The COVID-19 pandemic has resulted in income and employment loss in many countries around the world. Yet, hardly any formal study exists on household finance and future economic expectations in poorer countries. To fill in this gap, we implemented and analyzed a web-based rapid assessment survey immediately after the removal of lockdown measures in Vietnam, a lower-middle-income country that has received widespread recognition for its successful fight against the pandemic. We find that having a job is strongly and positively associated with better finance and more income and savings, as well as more optimism about the resilience of the economy. Further disaggregating employment into different types of jobs such as self-employment and jobs with permanent and short-term contracts, we find those with permanent job contracts to be more strongly associated with better assessments and fewer job worries. Individuals with good health and higher educational levels also have more positive evaluations for their current and future finance. These findings are relevant for post-outbreak economic policies, especially regarding the labor market in a developing country context.

Suggested Citation

  • Dang, Hai-Anh H. & Giang, Long T., 2020. "Turning Vietnam’s COVID-19 Success into Economic Recovery: A Job-Focused Analysis of Individual Assessments on Their Finance and the Economy," GLO Discussion Paper Series 566, Global Labor Organization (GLO).
  • Handle: RePEc:zbw:glodps:566
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    References listed on IDEAS

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    1. Belot, Michèle & Choi, Syngjoo & Jamison, Julian C. & Papageorge, Nicholas W. & Tripodi, Egon & van den Broek-Altenburg, Eline, 2020. "Six-Country Survey on COVID-19," IZA Discussion Papers 13230, Institute of Labor Economics (IZA).
    2. Thiemo Fetzer & Lukas Hensel & Johannes Hermle & Christopher Roth, 2020. "Coronavirus Perceptions And Economic Anxiety," Papers 2003.03848, arXiv.org, revised Jul 2020.
    3. Adams-Prassl, Abi & Boneva, Teodora & Golin, Marta & Rauh, Christopher, 2020. "Inequality in the impact of the coronavirus shock: Evidence from real time surveys," Journal of Public Economics, Elsevier, vol. 189(C).
    4. Béland, Louis-Philippe & Brodeur, Abel & Wright, Taylor, 2020. "The Short-Term Economic Consequences of COVID-19: Exposure to Disease, Remote Work and Government Response," GLO Discussion Paper Series 524, Global Labor Organization (GLO).
    5. Laura Alfaro & Anusha Chari & Andrew N. Greenland & Peter K. Schott, 2020. "Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time," NBER Working Papers 26950, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Dang, Hai-Anh & Trinh, Trong-Anh, 2020. "The Beneficial Impacts of COVID-19 Lockdowns on Air Pollution: Evidence from Vietnam," IZA Discussion Papers 13651, Institute of Labor Economics (IZA).

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    More about this item

    Keywords

    COVID-19; recession; labor market; wage work; household finance; Vietnam;
    All these keywords.

    JEL classification:

    • I1 - Health, Education, and Welfare - - Health
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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