Crippled exports slow Vietnam's growth; over 2.4 lakh people laid off
Two-thirds were working in the leather and footwear industry. Many of those workers have shifted to the service sector, "accepting less stable jobs", GSO added. Bank employees (L) deal with customers at a branch of VPBank in Hanoi on June 29, 2023. HANOI: Vietnam’s economic growth slowed in the first half of the year as a slump in demand hit exports, authorities said Thursday. The Southeast Asian country, a global manufacturing hub for clothing, shoes and electronics, saw an expansion of 3.72 per cent in January-June, down from 6.42 per cent in the same period of 2022. “The economic growth was not high… in the context of difficulties and challenges from inside and outside the country,” the General Statistics Office said in a statement. “There was a trend of more employment but the labour and job markets continue to face difficulties and challenges mainly due to enterprises’ lack of orders.” More than 240,000 people were laid off in the first half of the year, around 80 per...