Over 240,000 Vietnamese workers underemployed late this year

Over 240,000 workers underemployed late this year
Due to a decline in orders, over 240,000 workers in the garment, footwear, and wood processing industries in Vietnam are currently underemployed. This is mainly due to global inflation and weakened consumption in major export markets. The Vietnam Leather, Footwear and Handbag Association reports that their business members saw a 30% decrease in orders in the fourth quarter of 2022 compared to the previous year. Additionally, export turnovers have declined since September. These industries are crucial to Vietnam's economy, as textiles and garments are the country's second-largest export earner after smartphones. Vietnam is a significant manufacturer for popular brands such as Alantino, Nike, Calvin Klein, Mango, Zara, and H&M.