Global supply chains
Latest News about Global supply chains
Although Vietnam has dealt with previous COVID-19 outbreak with spectacular success, it stands to lose some of its hard-earned gains if it cannot overcome the latest outbreak that has paralysed industries in the past couple of months.
Vietnam has worked to develop the domestic market with a population of nearly 100 million people in the context that the COVID-19 pandemic has disrupted the global supply chains, said Minister of Industry and Trade Tran Tuan Anh.
Vietnamese companies need to meet the requirements of foreign firms if they want to participate in global supply chains from mid-2021 when the Covid-19 pandemic is expected to be under control, experts said.
Local producers must prepare to meet the requirements of foreign direct investment (FDI) companies to participate in the global supply chains, a top official has said.
The European Union (EU)-Vietnam Free Trade Agreement (EVFTA) is expected to trigger high-quality FDI flows from Europe to the Southeast Asian country, said Vietnamese Trade Counsellor in Italy Nguyen Duc Thanh.
In early February, in the minds of most of us, COVID-19 was still a China-specific problem. Yet, the strict lockdown imposed early in China generated rapidly unprecedented chaos in global supply chains.
As the COVID-19 pandemic wreaks havoc on supply chains globally, logistics firms in Vietnam have experienced decline in revenue but are mustering the strength to overcome the challenges ahead.
Many Vietnamese companies in supporting industries that can produce high-quality parts are nevertheless struggling to enter large international supply chains or are only able to supply low-value items to them.