VN – Việt Nam’s export mainstays, the fashion and textile sector has been hard hit by COVID-19.
How has the global supply chain for fashion and textiles been impacted by COVID-19?
Recently, the Global fashion businesses has witnessed how the COVID-19 pandemic disrupted the supply chain of the textile, apparel and fashion manufacturing industry in unprecedented ways.
Covid-19 has resulted in many other challenges and issues apparel and textile companies need to solve. The Global supply chain is in danger of being broken, raw materials shortages.
The ready-made garment industry in VietNam, which showed that the supply chain disruption due to COVID-19 would increase the production cost. The worldwide apparel consumption is also projected to reduce during and after the pandemic.
With The quarantining and working from home had a profound effect on how people shopped and the type of clothing they purchased during the pandemic.The drop in demand for new fashion most likely comes from an increased amount of time spent inside in home.
This has had a profound effect on the fashion industry, which is alarming for garment manufacturers and exporters.
How are the Vietnamese fashion and textile industries coped with such changes and come back stronger in the future?
Companies must know creative ways to adapt their business models to accommodate the new demand.
Retail and wholesale distribution must have an online platform that can help with distribution as many storefronts closed.
The pandemic has led to changes in businesses’ product design and development, sourcing and manufacturing, as well as wholesale and retail distribution.
New online models
Businesses know how to have a strong online presence.
Having to live with the epidemic is almost certain.
In Vietnam, where you developed products, Max Blue Vietnam always study finds the best practices looking forward for textile and apparel businesses.
More changes occurred in the sourcing and manufacturing for these companies.
Sourcing diversification from several different sources as opposed to being completely reliant on one specific source.
Several manufacturing locations in Vietnam are supported by the government and Department of Textile & Apparel Management and their ability to quickly adjust their goods have been better able to withstand the impact of the pandemic.
This’s important that businesses collaborate and coordinate with other businesses with different functionalities, which limits the effect of a pandemic-like event.
At the present time, restoring production means growing.
Sources
Import and export data: OEC
Population and Labour Data: World Bank | www.wto.org