Fluctuations in supply chains and consumer demand in some ASEAN markets, which are home to many Muslims, have created unprecedented opportunities for Vietnamese exporters, industry insiders have said.

Vietnam stays on track to realize the export growth target of US$368 billion for this year amid severe impacts from the Russia-Ukraine conflict on global supply chains, according to the Ministry of Industry and Trade (MoIT).

Enterprises in the textile, garment and footwear industries are facing a decrease in orders through the rest of this year and possibly into the next year.

The World Trade Organization (WTO) opens its annual public forum this week with an ambitious goal: to stabilize a global economy disrupted by the COVID-19 pandemic, trade wars and armed conflict. Seeking to build on last June’s renewed commitment to a rules-based system, the WTO now calls for more sustainable, more inclusive trade rules.

Vietnam’s economy is projected to rebound in 2022, growing by 7.2%, making it among the fastest growing in the East Asia-Pacific region, according to the World Bank.

A number of coinciding crises are slowing global economic growth and threatening to tip the world into a recession, the World Trade Organization chief warned on Tuesday, making it the latest global institution to issue a dark forecast for the world economy.

Prime Minister Phạm Minh Chính requested relevant ministries and sectors to grasp the situation and have appropriate solutions to stabilise the market and rice prices, and ensure the interests of farmers after information that India will restrict rice exports.

The global economy is paying “a very heavy price” for Russia’s war in Ukraine, the Organization for Economic Cooperation and Development said.

Hosoda Hiroyuki, speaker of the House of Representatives of Japan, has highlighted the role of Vietnam as an important Japanese economic, trading, and labour partner.

Vietnamese pomelo has large potential for expanding exports to demanding markets including the US, the EU and Japan, according to the Việt Nam Trade Promotion Agency.