Vietnamese Garment, Wood Sectors Seeing Significant Decline in Exports Due to COVID-19 Pandemic

Vietnam's textile, footwear and wood sectors are seeing a significant decline in exports as key markets cancel orders due to the COVID-19 pandemic, according to an April 12 report from CustomsNews, the mouthpiece for Vietnam Customs. “Major markets,” such as the European Union and the U.S., have canceled or suspended a range of orders, hitting Vietnamese textile and garment companies particularly hard, the report said. If the trend continues, the garment industry is expected to lose 3 trillion Vietnamese dong per month, the report said. In addition, Vietnamese timber companies have not signed new orders for the upcoming season because “customers are not coming to the factory to approve samples.”