Leading production of building materials
Among the industries with severe revenue decline, construction materials production leads (97% of businesses participating in the survey). This was followed by textiles, clothing, footwear (82% of businesses experienced declines, of which 44% of businesses lost 20 – 40% of revenue) and industrial production (76% of businesses).
In high-tech industries, revenues of 69% of businesses also declined, but the level was less severe (21% of businesses decreased by less than 10%, 17% of businesses decreased by less than 20%). However, high technology has the highest revenue growth rate at 28%.
The majority of the decline reported by businesses participating in the survey was influenced by both domestic and foreign demand. Businessmen also estimate that business improvement will not happen quickly.
The majority of businesses (39%) anticipate it will take 12 months or more than 12 months for the market to recover. Only 8% of businesses think the economy will recover after 3 months.
In response to declining revenues, businesses in all industries strive to maintain their current scale. However, there are still many businesses that choose to downsize, with the textile, apparel and footwear industry leading the rate with 32%, and building materials production with 34%.
Downsizing involves firing a large number of employees or reducing their working hours. As the industry with the second highest rate of revenue decline, the majority of textile, apparel and footwear enterprises choose to cut working hours (52%) and lay off labor (24%).
While in high technology, up to 56% of businesses downsize by cutting labor.
According to statistics, among the workers whose working hours have been cut, 58% of manufacturing workers have had their salaries cut by 30 – 50%, 34% have had their salaries cut by 10%, and 6 %’s salary has been cut by 10 – 30%. , About 2% had their salaries cut by more than 50%.
In addition, workers surveyed said their work hours were also cut, overtime pay was reduced and they did not receive benefits as usual.
The survey notes a trend that all industries implement automation in production. Some industries also want to implement automation in all stages.
Specifically, in the high-tech industry, 52% of businesses implement automation at all stages. In the textile, apparel and footwear industries, 60% of businesses implement automation in production. In the pharmaceutical and biotechnology industries, 62% of businesses implement automation in production.
Automation in production, 64% of enterprises in agriculture and forestry industry are implementing it, 54% of enterprises in industrial production industry are implementing it, and Automation – 82% of enterprises in automobile industry are implementing automation. While in other industries, 75% of businesses implement automation at all stages.
(TagstoTranslate)Manufacturing Industry(T)Labor Reduction(T)Automation(T)Navigos Group(T)Revenue Reduction