The coronavirus outbreak has had an undeniable impact on the global economy. While tourism, airways, and logistics face many difficulties, Vietnam is well prepared to contain the coronavirus outbreak while continuing to prosper in the global economy.
Since word of the outbreak in Wuhan, China, the Vietnamese Government has implemented strict regulations in an attempt to contain the spread of the virus. Hospitals across the country have designated special teams equipped to handle any coronavirus cases and there have only been 10 such cases reported thus far, with three of those have resulting in a full recovery.
Vietnam’s manufacturing and foreign trading sectors have returned to work as usual following the Tet Holidays, but special precautions are being taken that include facial masks and gloves for front line workers, as well as working from home for some support staff. As a result of this maintained production capacity, Vietnam is already seeing an increase in purchases for products such as textiles and footwear due to delays in production in Mainland China. Furthermore, Vietnam’s pharmaceutical and medical supply industries are also reporting increased profits as a result of the spike in global demand due to the viral outbreak.
Though there are many unknowns about the coronavirus at the moment, the Vietnamese government is prepared for the worst, having learned much its successful containment of the 2003 SARS outbreak. Though some sectors may be impacted due to delays in shipments of materials from China, the overall outlook for Vietnam’s export economy remains strong.
HQTS provides on-the-ground third party inspection services to companies sourcing from Vietnam. Whether is be factory audits, sorting, or commercial inspection, HQTS provides a host of inspection services for total quality control. If your supply chain has been interrupted by this ongoing crisis and you are considering Vietnam as an alternative, please contact us today.