The manufacturing data was also not optimistic

The manufacturing data was also not optimistic. On April 3, the Vietnam Manufacturing Purchasing Managers Index (PMI) released by S&P Global in March was 47.7, lower than the 51.2 in February, and it was the fourth time of below 50 in the past five months.

According to the report of the Vietnam Textile and Apparel Association, Vietnam's textile export orders in the first quarter of 2023 fell by 25-27% year-on-year. In response to the decline in orders, many Vietnamese textile and garment enterprises have reduced their operating rates, causing a large number of workers to lose their jobs. The industry expects this downward trend to continue at least until the third quarter of 2023. Even so, the Vietnam Textile and Garment Association still set an export target of US$46 billion in 2023, only if there is recovery of the economy and consumption in major export markets.