Thursday, June 20, 2024
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HomeTechnical ArticlesVietnams Look to upturn Export in EU, due to Corona Virus Impact

Vietnams Look to upturn Export in EU, due to Corona Virus Impact

In order to counter declining exports arising from the outbreak of viruses, Vietnam will help companies leverage the EU’s Free Trade Agreement, Efforts are being made to look for new markets for the country’s agricultural produce and seafood, whose exports have been hit by the epidemic. Vietnamese trade missions abroad are also required to support local enterprises to connect with foreign partners that can supply medical equipment and materials.

Owing to the outbreak in China and other countries, many industries in Vietnam such as the automotive, clothing, footwear and electronics are facing shortages of raw materials. Imports from China of Vietnam’s raw materials have decreased. Unless the disease continues, supply and distribution chains will fail and the production of goods will cease or be postponed in the worst case scenario. For example, if leather plants can not supply the materials from China, they can have to shut down. The rubber and plastic production in Vietnam depends largely on China, as 70% of materials from the country are imported. China accounts for 55 per cent of fiber imports from Vietnam. In several cities, China has shut down manufacturing to contain the virus. But Vietnam’s textile firms need to draw on other markets to meet production goals.

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