Textile and garment exports may reach 47 - 48 billion USD in the positive scenario for 2023 and 45 - 46 billion USD in the lower-case scenario, said the Vietnam Textile and Apparel Association (VITAS).
The textile and garment sector has predicted that difficulties will remain for its exports in the first half of 2023, but there are also silver linings it can pin hopes on.
Although Vietnam enjoyed a high trade surplus in the first nine months of this year, numerous difficulties and challenges lie ahead for export activities in the rest of the year, while many large exporters are showing signs of staying still.
Sustainability and circularity are an inevitable path that Vietnamese textiles have to follow, according to Truong Van Cam, General Secretary of the Vietnam Textile and Apparel Association (VITAS).
Vietnamese textile-garment producers set to earn up to 21 billion USD from exports in the second half of 2022, raising total shipments of the year to around 42 – 43 billion USD, Chairman of the Vietnam Textile & Apparel Association (VITAS) Vu Duc Giang told a press conference on July 21.
Domestic businesses showed positive signs of recovery, exports increased and supply chains resumed in the first months of this year, experts have said.
Vietnam’s garment-textile exports are likely to encounter a host of challenges in terms of both market and supply chain in the second half of this year despite positive results in the first half, heard a seminar in Ho Chi Minh City on June 21.
Taking advantage of free trade agreements and flexibly adapting to world unstable development, Vietnam’s spearhead economies such as fisheries, garment and textiles and wood production are accelerating exports to increase turnover.
Greening the garment industry is essential for the sector to fully exploit opportunities arising from free trade agreements and participate deeply in the global value chain, according to the Vietnam Garment and Apparel Association (VITAS).
Vietnam’s apparel sector is forecast to grow by 11.2 percent annually this year with an export revenue of 39 billion USD, reported the Vietnam Textile & Apparel Association (VITAS).
The textile and garment industry is forecast to face difficulties in realising its export turnover target of 39 billion USD this year due to unprecedented severe impacts caused by the COVID-19 pandemic.
The proportion of textile and garment factories that have closed due to the COVID-19 pandemic has reached 30-35 percent, according to the Vietnam Textile and Apparel Association (Vitas).
Export revenue of the garment and textile sector surged 21.2 percent year on year in the first five months of 2021 to about 15.2 billion USD, according to the Vietnam Textile and Apparel Association (VITAS).
The Vietnam Textile and Apparel Association (VITAS) is committed to promoting the sector’s sustainable development with the aim of raising the living standards of its employees under the UN’s Sustainable Development Goals (SDGs).
Vietnam raked in 2.6 billion USD from exports of textiles and garments in January 2021, up 3.3 percent year-on-year, according to the Ministry of Industry and Trade.
The Vietnam Textile and Garment Group (Vinatex) forecasts the country’s textile and garment exports will continue to decline by 14-18 percent each month for the rest of 2020 over the same period last year.
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