Vietnam'S Textile Industry Has Been Hit Hard, And The US And Europe Have Stopped Importing One After Another.

Vietnam has always wanted to become a new world factory. In recent years, it has continuously strengthened its ties with western countries, and indeed has received large orders from the United States and the European Union, mainly focusing on textiles. But by the recent outbreak of new viruses in Europe and the United States, Vietnam, which is highly dependent on the US economy, is facing serious difficulties.

In fact, the relationship between Vietnam and the United States is not only for making clothing for American enterprises, but also for the dependence on the US dollar. Vietnam is very dependent on US dollar debt, and the US economy has been attacked. Vietnam is also unable to stay away from it. European and American customers have formally informed Vietnam that they will suspend accepting Vietnamese goods for at least three weeks, depending on the follow-up development of the new virus. It is concluded that Vietnam is unable to export textiles to Europe and the United States for at least a month. In addition, even orders for transportation on the road have been rejected by Europe and the United States, and the other side may not be subsidized by transport.

Vietnam is very anxious to know that nearly half of the textile products in the country are exported to the United States each year, and about 18% of them are exported to Europe. The abandonment of the main market has resulted in Vietnam losing nearly 2/3 of its textile sales recently. Even if the virus situation in Europe is eased, the first choice for people to buy large quantities will be necessities and medical supplies instead of clothing. Therefore, many Vietnamese are very pessimistic about the prospects for development in 2020. Because of the reduced demand, many Vietnamese enterprises even consider temporarily dismissing some workers.

It should be pointed out that, like Vietnam and India, the high growth economic data in recent years are actually accumulated by a large amount of US dollar debt. In order to protect itself, the United States decided to let the Federal Reserve Open Water and open unlimited printing money. Foreign exchange reserves amounted to 83 billion dollars, and Vietnam suffered heavy losses. In a sense, the United States sacrifices the interests of Vietnam and other countries, so Vietnam's manufacturing is being blocked by the United States and Vietnam's lack of independent development is temporarily unable to preserve its own development. The economy may face recession or even return to its original form. In the short term, it will not be possible to realize its dream of becoming the world's factory.