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Weak demand continues to hit Vietnamese firms

At least 528 firms in Vietnam have been hard-hit by falling orders so far, of which 65.3% are FDI-financed. About 637,491 workers have begun to feel the pinch of the ensuing economic downturn, according to the national census. Hoang Trung Dung, chairman of the Rosa Bonita Company, revealed that they offered big discounts during the "Vietnam Grand Sale 2022" in December to boost sales, but it didn't work because of weak demand. Dũng said domestic demand now is much lower than in previous years. Nguyen Hoai Nam, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), also shared that seafood exports reached just USD780m in November and USD785m in December, down 14% and 13% year-on-year, respectively.


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