Vietnam was still one of the hotspots in global economic development

In 2022, Vietnam was still one of the hotspots in global economic development, with a GDP growth rate of 8.02%. However, in the first quarter of 2023, Vietnam's economy has stepped on a sudden brake. The latest data shows that in the first quarter of 2023, the total import and export volume of Vietnam's goods reached approximately US$154.27 billion, a year-on-year decrease of 13.3%, of which exports decreased by 11.9% year-on-year.

In the first quarter, Vietnam’s textile and footwear orders fell by 70% to 80%. According to the Vietnam Textile and Apparel Association, in March 2023, Vietnam's textile and apparel exports reached approximately US$3.298 billion, a month-on-month increase of 18.11% and a year-on-year decrease of 12.91%. In the first quarter of 2023, Vietnam's textile and apparel exports reached US$8.701 billion, a year-on-year decrease of 18.63%, which was mainly caused by a decrease in the number of orders.