The COVID 19 pandemic made 15% of companies to cut production. Textile industry were most heavily impacted with 1.2 million jobs affected. Shortly, the Vietnamese government promptly made important decisions to scope with a global economic downturn. Which helping Vietnam’s economy and manufacturing industry still hold out after the pandemic.

new businesses devlopment
New Businesses Development

Many Vietnamese companies have shifted their business to producing masks, exporting personal protective equipment and protective equipment to countries affected by The COVID 19 pandemic.

Receiving aid from other countries
Receiving Aid from Other Countries

Japan launched a US $ 220 million aid program to encourage domestic manufacturers to relocate their overseas production facilities to Southeast Asia.

relocation of global supply chain
Relocation of Global Supply Chain

While China is still affected by the pandemic, manufacturers in Vietnam have begun to find new sources of raw materials in other countries such as Korea, Japan and India.

Categories: Sourcing Blog