Textile, electronics hardest hit in pandemic
Textile and electronics have been the two export-oriented sectors mostly impacted by the COVID-19 pandemic.
According to experts, most Vietnamese textile and apparel companies are currently involved in the outsourcing practice, closely linked to consumer markets.
However, the sector is facing major difficulties and challenges related to branding. Textile businesses depend heavily on global value chains.
Amid the COVID-19 crisis, most companies have had to lay off a large number of employees to cope with the pandemic. Only some large-scale companies can maintain their workforce.
Meanwhile, most businesses in the electronics industry are multinational enterprises and are more resilient to the effects of COVID-19.
Vietnam’s Government was supporting the two sectors with trade facilitation measures as both are export-oriented sectors. It had allowed the opening of the border for goods trading and was willing to issue electronic certificates of origin for goods to make it easier for companies to export and import./.VNA