Recently, Vietnam is facing a serious power supply shortage, which has brought huge challenges to the manufacturing industry and downstream polyurethane industries. Many factories in the country that make refrigerators and home appliances, as well as polyurethane-related industries, are facing declining output. This situation has had a negative impact on the overall economy, especially in polyurethane downstream industries such as footwear manufacturing.
According to “Asia Nikkei”, the Vietnamese government asked factories located near Hanoi to cut electricity consumption by 50% to reduce the risk of blackouts. Many home appliance manufacturers, such as Samsung, Haier, Panasonic and other manufacturers of refrigerators, have been directly impacted. The shortage of power supply has led to a significant drop in output from these factories, creating difficulties in supplying the market. According to preliminary data released by Vietnamese home appliance manufacturers, the output of some manufacturers has dropped by about 30% to 40%. This has led to a tight supply situation in the refrigerator market, which in turn has pushed up the price of refrigerators, creating a burden on consumers.
The downstream industry of polyurethane has also been affected by the shortage of power supply. Polyurethane is widely used in footwear manufacturing, and Vietnam occupies a significant position in footwear exports. However, power shortages have forced Vietnam’s shoe factories to cut production, resulting in an undersupplied footwear market. According to preliminary data released by Vietnamese footwear manufacturers, the output of some shoe factories has dropped by more than 50%. This has had a severe impact on Vietnam’s footwear exports, reducing market share and taking a hit on economic growth.
At the same time, Vietnam’s export business is also under double pressure: export decline and power supply shortage. Vietnam has always relied on export trade as the main driver of economic growth. However, global economic instability and rising trade protectionism have led to a sharp drop in Vietnam’s exports. According to a report by SP Global Market Intelligence, Vietnam’s export value fell by about 10% in the first quarter of 2023. This has further exacerbated the pressure on Vietnam’s economy, especially in manufacturing and export-related sectors.
In order to solve the power shortage problem, the Vietnamese government has taken a series of measures. They plan to increase generating capacity, improve electrical infrastructure, and enhance energy efficiency. In addition, the government also encourages the development of renewable energy sources to reduce dependence on traditional energy sources. However, these solutions take time and sustained effort to implement and bear fruit.
In order to overcome the power shortage and stimulate economic growth, Vietnam can seek the support and cooperation of the international community. International organizations, investors and technology providers can provide Vietnam with necessary resources and technical assistance to promote sustainable development and economic recovery. At the same time, Vietnam should also strengthen cooperation with international partners to promote technology transfer and innovation in order to improve the competitiveness of the manufacturing industry. The government should continue to improve power supply infrastructure to ensure a stable power supply and create a favorable business environment for the manufacturing industry.
In summary, Vietnam is facing a serious power supply shortage, which has brought huge challenges to the manufacturing industry and downstream polyurethane industries. Factories that make refrigerators and polyurethane-related industries are the industries that have been directly hit. At the same time, the sharp decline in exports has put Vietnam’s economy under enormous pressure. However, through government efforts and international cooperation, Vietnam is expected to overcome these problems and achieve economic recovery and sustainable development.
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