Business

Garment export turnover sees increase again

Despite a continued decrease in export turnover in the first eight months compared to the same period last year, the textile and garment industry has shown numerous signs of recovery and opportunities for stronger growth in the remaining months of 2023.
Garment export turnover sees increase again ảnh 1The textile and garment industry shows numerous signs of recovery and opportunities for stronger growth. (Photo: VNA)
Hanoi (VNA) – Despite a continued decrease in export turnover in the first eight monthscompared to the same period last year, the textile and garment industry hasshown numerous signs of recovery and opportunities for stronger growth inthe remaining months of 2023.

Textile and garment exports totaled 3.4 billion USD in August, up 5.5% month on month, marking the fourth consecutive month the turnover hasincreased compared to the previous month.

Customs data showed that in the Jan – August period, the country's textile export turnover reached only 22.5 billion USD,down 3.8 billion USD or 14.4% year-on-year.

The export values to the US, the European Union (EU), and the Republic of Korea(RoK) - the key importers of Vietnam, recorded decreases of 22.4%, 11.9%, and 3%in the period, reaching only 10 billion USD, 2.66 billion USD and 2.08 billionUSD, respectively.

Garment export turnover sees increase again ảnh 2Textile and garment exports total 3.4 billion USD in August. - Illustrative image (Photo: VNA)
According to Director of the Vietnam Chamber of Commerce and Industry (VCCI)'s Branch inHo Chi Minh City Tran Ngoc Liem, textile exports to the US have witnessed remarkablerecovery in recent months.

The recent visit to Vietnam by US President Joe Biden, and the upgrade of bilateral relations to a comprehensive strategic partnership between the twocountries offer good opportunities for Vietnam’s exports in general and its textileand garment exports in particular, he said.

Statistics from international organisations and market survey organisationsshowed that the US’s stockpile has decreased sharply, so US companies are likely toimport commodities from many countries, including Vietnam.

The LatinAmerican market is also seen as a potential market for Vietnamese strongexports such as textiles, footwear, processed farm produce, consumergoods, and electronics.

According to Vo Hong Anh, Deputy Director of the European-American MarketDepartment under the Ministry of Industry and Trade (MoIT), there is ampleroom for Vietnam’s textile and footwear industries to penetrate deeply intoPeru, Chile and Mexico./. 
VNA
#decrease #export turnover #textile and garment industry #increase #recovery #stronger growth #Vietnamplus #Vietnam news #Vietnam News Agency
Follow VietnamPlus

Related News

Garment industry advised to switch to green production

Garment industry advised to switch to green production

It is necessary for domestic enterprises to switch to green textile and garment production in an effort to achieve sustainable development goals and cope with the gradual loss of Vietnam’s cost advantage, insiders have said.

See more

Many banks in Vietnam promote green credit for sustainable growth. (Photo: VNA)

State bank launches tool to facilitate green finance

As of March 2025, 58 credit institutions in Vietnam had outstanding green loans, a sharp increase from 15 in 2017. The average growth rate of outstanding green loans in the 2017-2024 period reached over 21% per year, higher than the growth rate of outstanding loans for the economy.

Deputy Minister of Industry and Trade Nguyen Hoang Long said Vietnam supports ASEAN's stance in developing comprehensive, flexible, and practical strategic approach to strengthen intra-bloc economic autonomy. (Photo: Ministry of Industry and Trade)

Vietnam backs ASEAN’s strategic approach to economic resilience, partnership

Vietnam vows continued close coordination with ASEAN and partner countries to identify cooperation opportunities in potential areas of mutual interest, including effectively leveraging the ASEAN-China Free Trade Agreement (ACFTA 3.0) and the Regional Comprehensive Economic Partnership (RCEP) to address current challenges and work towards a transparent, stable, and fair international trade environment.

The Sun PhuQuoc Airways (SPA) project is expected to bolster Phu Quoc’s tourism. (Photo: VNA)

Investment plan for Sun PhuQuoc Airways approved

Sun PhuQuoc Airways is scheduled to commence operations in the fourth quarter of 2025, with initial routes linking Phu Quoc to prominent economic and tourism centres in Vietnam and abroad.

A view of the conference. (Photo: VNA)

Banks need to promote data analysis to minimise financial crime

The SBV has also recently issued Decision No. 67/QD-NHNN on a digital transformation project aimed at deploying core utilities for the development of the banking sector, ensuring connection with Project 06. Under the project, the SBV requires financial institutions to use the national database on population, identification and electronic authentication for banking activities, thereby supporting digital transformation and enhancing the effectiveness of crime prevention.

Prime Minister Pham Minh Chinh orders preparation to break ground on the Lao Cai – Hanoi – Hai Phong railway line on December 19. (Photo: VNA_

PM sets December 19 launch date for Lao Cai – Hanoi – Hai Phong railway

To meet the December 19 groundbreaking target for the Lao Cai – Hanoi – Hai Phong line at five designated sites, he tasked the Ministry of Construction with drafting a detailed critical path timeline. Meanwhile, Deputy Prime Minister Tran Hong Ha was assigned to oversee execution and inter-ministerial coordination.