When China began plugging into global production networks and cross-border trade more intensely in the early 2000s, few might have foreseen it becoming one of the most important hubs for many high-tech global value chains (GVCs) by the late 2010s.
The COVID-19 pandemic triggered a sharp increase in the world demand for rubber gloves, notably medical gloves but also non-medical ones.
Vietnam’s exports have grown exponentially over the past two decades.
The pandemic exposed the vulnerabilities of global value chains (GVCs) as lockdowns disrupted supply lines across economies. However, the ASEAN+3 region remains a prime location for GVC investment post-pandemic.
The COVID-19 pandemic has brought about widespread disruptions in global supply chains, with countless companies ceasing operations due to a lack of input.
The COVID-19 pandemic has shown how quickly the economic situation can change. In a few short months, ASEAN+3 trade has evolved from the downturn as a result of the US-China trade tensions; to nascent recovery on the back of the Phase One deal; to a sudden stop as the coronavirus spread and the region went into lockdown; to trade diversion as importers and exporters of intermediate and final goods sought to diversify their sources and markets; and more recently, rebounding as economies gradually reopened.
