Data from the General Department of Vietnam Customs shows that textile exports have declined by 19.6 per cent to $4.55 billion, while footwear exports have dropped by 15.8 per cent to $2.76 billion. This decline has put pressure on the Vietnamese government to find solutions to support businesses and bolster the country’s exports, according to local media reports.
Vietnam’s goal of achieving 6 per cent export growth in 2023 may be challenging due to decreased global demand for its exports. The government is implementing measures, such as trade promotional events and urging companies to explore new markets. The MoIT recommends targeting markets in the Middle East, Eastern Europe, Latin America, and South Asia.
To help companies during this challenging period, the Ministry of Industry and Trade (MoIT) has implemented various measures, such as trade promotional and networking events. The ministry has also urged Vietnam’s trade representative offices overseas to increase their efforts to assist businesses in entering new markets and resolving ongoing issues with their entry.
The MoIT has recommended that companies explore new markets, particularly in the Middle East, Eastern Europe, Latin America, and South Asia, as they wait for traditional markets such as the US, the EU, and Japan to recover.
The government hopes that these measures will help businesses overcome the difficulties they face and contribute to the country’s economic growth.
Fibre2Fashion News Desk (NB)