Building Resilient Global Value Chains in the Pandemic Era: A Conceptual Framework and Case Studies of Singapore and Vietnam

Wenyan Yin, Jeongmin Seo and Aejung Kwon

Chapter 7 in The Competitiveness of Nations 1:Navigating the US–China Trade War and the COVID-19 Global Pandemic, 2022, pp 131-162 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Despite the growing protectionist policies from major developed and developing countries, multinational corporations (MNCs) tend to adjust their current efficiency-oriented global value chains (GVCs) to more resilient ones, instead of reshoring overseas businesses back home. In this respect, this chapter seeks to introduce a comprehensive framework across four directions: agile response, alternative routes, diversification, and sustainability orientation, for establishing resilient GVCs in the pandemic era. In reviewing and reorganizing the suggestions of existing studies, this chapter argues firms need to be more globalized while maintaining the key principles of GVCs. As such, countries will also need to improve their national business environment and make it more attractive for firms to locate parts of the entire GVCs in their countries. This chapter takes two countries: Vietnam and Singapore — as examples which have been widely recognized as successful countries that have opened up their economies and utilized international resources for economic development. This chapter shows that despite the potential challenges from the global pandemic, both countries tend to push forward the globalization of their economy and introduce various measures, such as strengthening the global relations with other economies and investments for digital transformations, to upgrade their positions in the GVCs.

Keywords: National Competitiveness; Government Policy; Business Environment; Firm Strategy; Locational Advantage; Competitive Advantage; International Business; Coronavirus; COVID-19; Global Value Chain; US–China Relationship; Geopolitics; Fourth Industrial Revolution (search for similar items in EconPapers)
JEL-codes: F13 F23 (search for similar items in EconPapers)
Date: 2022
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