The COVID-19 pandemic has made us realize the importance of small items such as masks and gloves
- These items are helping us in protecting ourselves from the virus and also providing a greater degree of hygiene
- Gloves are proving to be invaluable since they help us in protecting our hands
- The demand for gloves has shot up during the crisis, as greater emphasis is being placed on personal hygiene
Countries such as Vietnam are taking the lead in terms of exporting gloves to other parts of the world
- The country has renewed its emphasis on the production of gloves
- In addition to this, the country is also looking to increase the production of gloves that have been recycled
- Leading authorities in the country have eased the rules related to export so that manufacturers and exporters can take full advantage of this opportunity
This blog discusses the increasing export of gloves from Vietnam and reviews the key reasons behind this development
Increasing Export of Gloves from Vietnam
Vietnam has always been a major producer of items like hand gloves
- The country’s manufacturing capabilities have been improving in the past few years leading up to the pandemic
- In recent months, leading companies in the country have increased the production and recycling capabilities related to gloves
- Vietnam exports gloves to key markets around the world, including the US and the EU
- Exporters are expected to be fully compliant with the regulations of these markets. For instance, all products being exported to the EU must have clear markings related to the material
During the COVID-19 crisis, Vietnamese countries decided to ramp up their manufacturing capabilitiesVietnam has emerged as one of the leading exporters of gloves in the South-East Asian regionThe total value of all personal protective equipment (PPE) exports from the South-East Asian region have crossed the $50 billion mark on an annual basis
The key advantage is that Vietnam has is that the cost of labour is comparatively low
- In addition to this, the country also has a well-established manufacturing industry
- Vietnam is also well-connected to other parts of the world in terms of the trade routes
Another important factor is that Vietnam has an abundant supply of rubber, which is the primary ingredient for glove manufacturing
- During August 2020, the country produced rubber equivalent to 130,000 tonnes
- Vietnam also has good infrastructure in terms of recycling plants
- The country’s leading manufacturers have the ability to recycle gloves and make them ready for use again
- These recycling plants are meeting the local demand as well as helping the country in increasing its exports
Overall, it is clear that Vietnam is becoming one of the major exporters of gloves around the world. The country has done extremely well to identify this market opportunity and make full use of it
To conclude, it is clear that the export of gloves from Vietnam has been increasing at a rapid pace. Institutions such as Euro Exim Bank offer customized support to traders in the form of financial instruments and bespoke trade advisory services. Euro Exim Bank offers financial instruments such as Bank Guarantees and Letters of Credit (LCs). Further information about Euro Exim Bank and its key product offerings is available here.
