Assessing Financial Performance Disparities in the Vietnam Logistics Sector Amidst COVID-19: A Hybrid MCDM Evaluation Approach Using MEREC-COBRA

The COVID-19 pandemic exposed weaknesses in global supply chains, causing a 5.2% decline in global GDP and a sharp drop in merchandise trade. However, as borders reopened, global dynamics gradually recovered. The pandemic prompted strategic changes, creating opportunities for sustainable recovery. However, logistics companies faced challenges in measuring performance due to traditional methods not reflecting the complexity of modern operations. The lack of effective data integration and management hindered the adoption of digital technology. This study proposes a combined MEREC-COBRA method to assess the performance of 17 logistics companies in Vietnam, using 17 financial criteria, including liquidity ratio, financial leverage ratio, activity ratio, profitability ratio, and growth ratio. The MEREC-COBRA model is compared with methods such as TOPSIS, CODAS, and MARCOS, using Kendall's tau-b and Spearman's rho tests to evaluate the impact of the pandemic. The results show that the MEREC-COBRA model provides stable ratings, with profitability accounting for 35.48% in assessing financial performance. The study reveals the varied impact of the pandemic, with companies such as 3PL-06 showing significant performance improvements, while others maintained stability. These results indicate that while the pandemic had a strong impact, companies with adaptability and strategic flexibility recovered more effectively. This research introduces an advanced MCDM approach for evaluating financial performance in the logistics sector, providing both academic and practical value. It also offers the potential for broader application beyond logistics to other industries and regions.