Vietnam's second-largest export earner

Textiles and garments, Vietnam's second-largest export earner, have been hit as consumers in the United States, Europe and other big markets cut spending on clothing.

Vietnamese garment makers felt the impact of a global slowdown dampening demand in their key markets as the industry's exports dropped 17.4 percent to 7.2 billion U.S. dollars in the first quarter from a year earlier, according to the country's General Statistics Office.

Textiles and garments, Vietnam's second-largest export earner after smartphones and electronics, have been hit as consumers in the U.S., Europe and other big markets cut spending on clothing, said Cao Huu Hieu, chief executive of the country's top textile and garment maker Vinatex.

Vietnamese manufacturers are faced with a sharp decline in orders as global demand has shrunk by over 60 percent, resulting in a contraction of up to more than 63 billion U.S. dollars in the global textile market, Hieu added.