Phạm Văn Công, Chairman of the Việt Nam Cashew Association (Vinacas), has said the cashew industry will struggle to achieve its export target of US$4 billion this year due to the novel coronavirus (COVID-19) pandemic.
Foreign-invested enterprises (FDI) in Vietnam have been maintaining production despite difficulties caused by the COVID-19 outbreak while preparing plans to recover after the pandemic ends.
The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.
US President Donald Trump''s administration has offered to defer payment of duties, taxes and fees for importers in financial crisis due to the COVID-19 pandemic, the Treasury Department announced.
Chinese PVC makers have revived their demand to impose anti-dumping duty on PVC imports from the US, at a time when the world's second-largest economy is trying to battle the financial ramifications of the coronavirus pandemic.
While the difficulties facing Vietnam in securing materials for production have subsided as China and the Republic of Korea have essentially contained the coronavirus epidemic, new challenges have arisen when the epidemic spreads to the EU and the US, two major importers of Vietnamese goods.
Most economic industries, including garment and textile, have been hit hard by the COVID-19 outbreak. When the epidemic broke out in China, Vietnamese garment and textile businesses faced interruption in the supply of raw clothing materials from China.
The novel coronavirus (COVID-19) pandemic has had negative impacts on the domestic wooden processing industry, but this is also an opportunity for timber enterprises to review their production and business methods maintain stability at present and drive for sustainable development in the future.