Australia’s leading business-focused daily newspaper said even as they trim forecasts, economists have faith the nation will bounce back.

HSBC, for example, has cut its economic growth forecast from 6.1% this year to 5.1%. Still, wrote HSBC economist Yun Liu, “despite near-term challenges Vietnam’s recovery prospects still look rosy with strong fundamentals”.

In recent decades Vietnam has excelled in reeling in the big fish in electronics, footwear and clothing, AFR reported.

Low labour costs, reliable infrastructure and a smooth bureaucratic process have attracted the likes of Samsung, Foxconn, Nike, Adidas, Gap and Levis.

All are now scrambling for a plan B, with many factories that are still open struggling to maintain the “3 in 1” policy whereby employees eat, sleep and work on site, said AFR.