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.
There remain difficulties for enterprises in the last months of this year, requiring them to be proactive and flexible to finish the year with strong export performance.
Vietnam’s high-quality garment and textile sector should focus on improving its position in the supply chain and expanding scale, Chairman of the Vietnam National Garment and Textile Group (Vinatex) Le Tien Truong has said.
Domestic businesses showed positive signs of recovery, exports increased and supply chains resumed in the first months of this year, experts have said.
Vietnamese goods are benefitting from better quality, diverse designs and competitive prices to establish their place on the domestic and global markets.
Many Vietnamese businesses have won preference from consumers thanks to their product quality and active participation in major events to further promote domestic goods.
Vietnam reported a year-on-year surge of 23.5 percent in exports of textile and garment to earn 18.7 billion USD in the first five months of this year in the midst of lingering market uncertainties coupled with rising prices of inputs.
According to Vinatex, Vietnam's textile and garment industry within the next decade will receive an even stronger wave of investment from the Republic of Korean, Chinese, and Japanese textile enterprises
The Vietnam National Textile and Garment Group (Vinatex) enjoyed a year-in-year surge of 144.2 percent in revenue to over 5.15 trillion VND (224.26 million USD) in the first quarter of 2022, completing 28.5 percent of its target for the whole year.
Vietnam National Textile and Garment Group (Vinatex)’s post-tax profit in the last quarter of 2021 was nearly 500 billion VND (22.03 million USD), tripling the figure recorded in the same period of the previous year.
National Assembly Chairman Vuong Dinh Hue on February 8 urged the Vietnam National Textile and Garment Group (Vinatex) to pay more attention to building the Vietnamese brand and increasing the added value of the country’s garment and textile products.
Every year after the Tet (Lunar New Year) holiday, many businesses face a serious shortage of workers. Last year, due to the impact of social distancing orders, enterprises struggled with a shortage of labour. Therefore, the need to prepare the workforce for the post-Tet period is even more urgent.
Overcoming a series of difficulties caused by the COVID-19 pandemic, the garment and textile industry is now employing some 2.5 million workers, while generating 40 billion USD worth of export and a trade surplus of nearly 20 billion USD.
The textile - garment industry is expected to thrive and earn 40 billion USD in exports next year, when the COVID-19 pandemic is forecast to ease in Vietnam and the world.
To maintain business operations amid social distancing order caused by the fourth wave of COVID-19 pandemic, it is necessary to pool the drastic involvement of local authorities, especially flexibly adopting plans to both fight the pandemic and prevent production disruption.
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.
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