Hanoi (VNA) – Businesses should keep a close watch on the developments of COVID-19 to have appropriate production recovery plans after the pandemic declines and ends, according to the Ministry of Industry and Trade.
The ministry advised enterprises to take advantage of online advertising and connection to maintain and develop the market even when the pandemic is raging through.
The EU is the second biggest export market of Vietnam, and its recent closure of external borders amid the COVID-19 spread is forecast to limit trade activities between the block and its partners, including Vietnam.
Vietnam’s exports to the market are expected to decline from 6 to 8 percent in the first and second quarters of 2020 if the pandemic lingers on until June.
Key export commodities such as garment-textile, footwear, timber products, and mobile phones are projected to decline.
However, the demand for farm produce and food is likely to be maintained, according to the ministry.
Experts said Vietnam’s export growth in the second half of 2020 would be more optimistic when the pandemic is repelled and the EU-Vietnam Free Trade Agreement (EVFTA) takes effect./.