Vietnam's exports fall 17.1% in Apr, 42,900 enterprises closed in Q1

In the first quarter of 2023, Vietnam's exports fell by 11.9% year-on-year, and 42,900 enterprises were closed nationwide, an increase of 20.1% year-on-year. This decline has not been reversed in April. According to recent data released by the Vietnam National Bureau of Statistics, Vietnam's exports in April fell by 17.1% year-on-year.

According to data from the Vietnamese government, Vietnam's GDP grew by 3.32% year-on-year in the first quarter of this year, a slowdown from the 5.05% in the same period of last year, which was the lowest growth rate in the 12 years from 2011 to 2023. Vietnam's exports fell 11.9% year-on-year in the first quarter. Among them, textile and footwear orders decreased by 70%-80%, and electronic product shipments also fell by 10.9% year-on-year. Smartphone exports, the largest source of export revenue, fell by 15%, and overseas sales in March shrank by 14.8% year-on-year.

Affected by the sluggish consumption in the European and American markets, the overall import and export of Vietnam has declined, and some foreign-funded factories have also laid off employees and suspended operation. According to statistics from the Ministry of Industry and Trade of Vietnam, in the first quarter, 42,900 enterprises were shut down across the country, an increase of 20.1% year-on-year.

The headwinds encountered by the Vietnamese economy in the first quarter of 2023 are largely attributed by the decline in exports due to the deteriorating global economic environment. According to public information, Vietnam's exports account for about 80% of the overall GDP. Once exports are unfavorable, economic growth will inevitably be affected.

According to data released by the Vietnam National Bureau of Statistics, Vietnam's exports in April fell by 17.1% year-on-year to US$27.5 billion. Imports fell by 20.5% year-on-year to US$26 billion. Exports in January-April fell 11.8% year-on-year to US$108.6 billion, and imports fell 15.4% year-on-year to US$102.2 billion.