Vietnam'S Garment Industry Plunged Into The "Great Depression"

Affected by the epidemic, the European and American economies are plunged into depression, which makes Vietnam's garment industry dependent on European and American orders stagnate and layoffs.

Vietnam's largest state-run garment sewing enterprise, Vietnam's national textile and Garment Group (Vinatex), is discussing 50 thousand employees taking temporary leave or direct layoffs. At the same time, Vietnam's small and medium-sized garment factories, which lack risk resistance, have collapsed in large areas.

"In this way, the work of 30-50% will disappear in May," said Li chin Chang, chief executive of Vinatex. CEO

The data released by the Ministry of Commerce and industry in Vietnam showed that the order volume of chemical fiber shoes products in 4~5 months will be reduced by 7 percent over the same period last year.

Although Vietnam has introduced Samsung, Panasonic and other electronic industries in the past two years to promote local industrial upgrading, the garment industry is still one of the core industries in Vietnam. The garment industry has plunged into the great depression, which will lead to large-scale unemployment and economic growth difficulties.

In addition to Vietnam's local garment factories, the world clothing brand giants such as UNIQLO, ZARA and other world garment manufacturers in Vietnam are also facing the dilemma of products being squeezed out like mountains, while the factories are temporarily closed.