As the Covid-19 situation is getting more complicated across Vietnam, the textile and garment sector is greatly affected. The sector might come down in the coming months.
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As the Covid-19 situation is getting more complicated across Vietnam, the textile and garment sector is greatly affected. The sector might come down in the coming months.
The garment exporters in Noida and Greater Noida are losing 20% of business orders to Bangladesh, Sri Lanka and Vietnam. NAEC claims factories are now left with just 40-50% workers after migrant workers left the city.
The pandemic situation has adversely affected industries and workers in Vietnam. According to the reports, four industrial parks Van Trung, Quang Chau, Dinh Tram, and Song Khe – Noi Hoang have been shut down in Bac Giang.
US companies are giving tough time to Vietnamese garment producers by not clearing their dues. For May Song Hong, dues outstanding with the American companies have risen by 19.5% in the first quarter.
The first four months of the current year have been profitable for Vietnam as there was an increase in the export of textile and garments. As per the Ministry of Industry and Trade, it has earned over $9.5 billion in Q1.
The increased number of Free Trade Agreements has increased export orders and hence created a recruitment demand in Vietnam. There has also been a demand for IT personnel from the country, thanks to outsourcing.