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, resulting in a 5.2% decline in global GDP and a sharp decline in merchandise trade. The pandemic prompted, while also presenting opportunities for sustainable recovery strategies. Evaluating financial performance in logistics companies has become challenging because traditional methods often fail to capture the full complexity of modern operations. This study employs a combined MEREC-COBRA approach to assess the financial performance of 17 logistics companies in Vietnam, focusing on key criteria including profitability, liquidity, financial leverage, operational efficiency, and growth. The results show that Financial leverage ratio plays a central role, and companies that are flexible and have adaptive strategies recover more effectively after the pandemic. Comparisons with other methods (TOPSIS, MABAC, CODAS, MARCOS, MOORA, MAIRA, EDAS) indicate that the MEREC-COBRA model is stable and reliable. The study contributes theoretically by extending the application of MCDM in financial performance evaluation, and practically by providing managers with a tool to identify strengths, weaknesses, and strategic priorities. This approach also has potential for application in other industries and regions.