Over 240,000 workers underemployed late this year

Hoang Quang Phong, vice president of the Vietnam Confederation of Commerce and Industry, orders have declined on the back of global inflation weakening consumption in major export markets.

According to the Vietnam Leather, Footwear and Handbag Association, their business members saw the number of orders in the fourth quarter decrease by 30% year-on-year. Since September, their export turnovers have declined against previous months.

Textiles and garments are the Southeast Asian country’s second-largest export earner, after smartphones. The country is among the world’s largest manufacturers for brands like Nike, Calvin Klein, Mango, Zara and H&M.