The statistics published by the General Statistics Office of Vietnam showed that from January to April, there were 20 sectors with an export turnover of more than $1 billion, accounting for almost 84 per cent of the country’s total. Five of these sectors alone have an export value of over $5 billion, equalling over 57 per cent of the total export turnover.

Notably, exports of mobile phones and associated spare parts were valued at $17.4 billion, a decrease of 17.3 per cent on-year. The export turnover of computers and parts was $16.13 billion, a drop of 8.8 per cent, while other machinery and equipment was valued at $13 billion, signifying a decrease of 6 per cent. Garments and textiles stood at $9.6 billion and footwear totalled $6.13 billion, representing a 19.3 per cent and 16.3 per cent fall respectively.

Overall, Vietnam's exports between January and April were down 11.8 per cent at $108 billion. The export value of foreign-invested enterprises was just under $80 billion, a decline of 12.1 per cent on year, while simultaneously accounting for almost 74 per cent of the total export value of the whole country.

According to experts, the high inflation rate has forced many countries to tighten their monetary policies, with no change expected until the second half of the year. In addition, the real estate and bond markets in many countries face a bleak outlook, leading to a decrease in purchasing power and the demand for goods from markets such as Vietnam.

The plunge in exports has also had a knock-on effect on imports. In the first four months of the year, the total import turnover of Vietnam was $102.2 billion, down 15.4 per cent on-year.