Slowing outbound shipments threaten to derail the government’s objective of 6.5% GDP growth this year.
Higher demand for goods is crucial to Vietnam’s economic growth, as the value of outbound shipments nearly equals the nation’s GDP.
Exports dropped 7.6% this month from a year earlier, data released by the General Statistics Office showed Tuesday. Economists surveyed by Bloomberg predicted a 9.5% drop in overseas shipments. Vietnamese businesses are still struggling “as difficulties and challenges remain great, with the global economic downturn”, the trade and industry ministry said in a statement earlier this month. “There is a lack of orders, especially with the export market being narrowed,” it said.
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