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Vietnam's export orders have reportedly fallen sharply this year due to high global inflation, weak consumption and a rapidly declining purchasing power of European consumers.
According to trade union statistics from Vietnam, Vietnam's export orders to the United States fell by 30-40% year-on-year this year, and export orders to Europe fell by as much as 60% year-on-year. This is undoubtedly very fatal for an export-oriented economy.
So far, more than 1,200 exporters in Vietnam have announced that they will cut costs by laying off employees or reducing the working hours of employees. These include Samsung Electronics Factory and Taiwanese shoe factory Po Cheng Industries, led by the giant.
Since September, some 40,000 workers have been laid off and more than 400,000 workers have had their hours reduced. Employees say this is the worst of times.
In recent years, Vietnam's manufacturing industry has benefited from cheap labor and received significant investment from overseas businesses. As the industrial pillar of Vietnam, the manufacturing industry has also driven the rapid growth of Vietnam's economy in recent years.
According to research, the cost of producing electronic equipment and light industry for Vietnamese enterprises is 10-15% lower than in China. A large number of labor-intensive industries quickly moved to Vietnam, making Vietnam one of the best performing countries in the world. One.
However, excessive dependence on exports and foreign capital has also made Vietnam's economy highly dependent on external factors and extremely vulnerable.
The decline in exports this year has been accompanied by a heavy blow to the manufacturing industry, and the entire Vietnamese economy has also experienced a sharp decline. But overall, Vietnam remains one of the countries with the most potential in East Asia.
Text|Name: Shen Jiahong|Comment: Huang Zixin|Zeng Yi
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