In 2022, Vietnam will also be one of the bright spots of global economic development, with its GDP growth reaching 8.02 percent, but in the first quarter of 2023, the Vietnamese economy stepped on the brakes.
New data show that in the first quarter of 2023, Vietnam's total import and export of goods reached about US $154.27 billion billion, down 13.3 per cent year-on-year, of which exports fell 11.9 per cent year-on-year.
The top three products manufactured and exported in Vietnam are mobile phone parts (20%), computer parts (10-15%) and textile products (15-20%).
In the first quarter, Vietnam's textile and footwear orders fell 70 to 80 percent, smartphone exports, the largest source of export revenue, fell 15 percent, and electronics shipments fell 10.9 percent.
According to the Vietnam Textile and Apparel Association, in March 2023, Vietnam's textile and apparel exports reached approximately US $3.298 billion billion, an increase of 18.11 percent from the previous month and a year-on-year decrease of 12.91 percent. The year-on-year decline was mainly due to the decline in the number of orders.
The association predicts that in the second quarter, textile and garment enterprises still face many difficulties, because the purchasing power of markets such as the United States and the European Union has dropped sharply, resulting in many enterprises not receiving any new orders in April.
Export data is not good, and manufacturing data will not be optimistic. On April 3, the purchasing managers' index (PMI) of Vietnam's manufacturing industry in March released by S & P global was 47.7 points, lower than 51.2 points in February, and the fourth time in nearly five months that it was lower than 50 points.
the survey results show that,38.5 per cent of Vietnamese processing and manufacturing enterprises believe that production and business activities in the first quarter of this year are more difficult than in the fourth quarter of last year.
Vietnamese enterprises said frankly that the order situation in the first half of 2023 was not very optimistic, and enterprises with the United States and the European Union as the main source markets were more seriously affected. Many companies are forced to lay off workers or shorten working hours.
In terms of textiles and clothing, Pan Shi Ching Chun, vice-chairman and secretary-general of the Vietnam Leather, Shoes and Bags Association, said that enterprises directly under the association are facing many difficulties,Its inventory is as high as 40%, and there are fewer new orders from 2022 to the first quarter of 2023. Orders across the industry have fallen by about 30 percent.In order to reduce costs, factories will inevitably reduce labor.
In terms of aquaculture, Zhang Tinghuai, secretary-general of the Vietnam Aquatic Products Processing and Export Association, said that there were fewer orders in early 2023.
Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association (Viforest), also said:"In January of previous years, exports usually increased by 15% to 20%, but this year they did not."
According to statistics from the Social Insurance Bureau, in the first two months of 2023, companies in the city reported layoffs of more than 34000 people. This does not include the 2358 employees previously laid off by Baoyuan Vietnam.
The sharp drop in orders has even led to the closure and bankruptcy of some enterprises,By the end of January, more than 1300 enterprises in Ho Chi Minh City had been dissolved, bankrupt and closed down.
In fact, there are signs of a slowdown in Vietnam's exports from last year. Strong orders in the first half of the year and sluggish in the second half of the year are the common feelings of many enterprises. In the fourth quarter of 2022, orders from many companies in Vietnam shrank.
However, 33.7 percent of Vietnamese enterprises are optimistic about the economic situation in the second quarter.
As a major exporter, Vietnam's performance reflects the current malaise in global demand. The Vietnam Bureau of Statistics stated that the global economy is in a complex development process and full of uncertainty, suggesting that the trouble caused by high global inflation and weak demand.
According to the WTO's new "Global Trade Outlook and Statistics" report released on April 5 z, the volume of global merchandise trade is expected to grow by 1.7 this year, which is lower than last year and lower than the average growth rate of the past 12 years.
In terms of merchandise imports, South America, Europe and North America will all see declines, down 1.6 percent, 0.6 percent and 0.1 percent, respectively. CIS merchandise imports will rise by 14.9 per cent, the highest in the region, followed by Africa by 5.6 per cent, the Middle East by 5.5 per cent and Asia by 2.6 per cent.
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