Textile and garment export turnover in the first six months of 2022 is estimated to increase 23% on-year to about 22 billion USD, reaching the highest level ever, according to the Vietnam Textile and Apparel Association.
Vietnam’s textile and garment industry is predicted to earn about 33.5 - 34 billion USD from exports in 2020, higher than the forecast of 30-31 billion USD in April, and down 14-15 percent year-on-year.
Textile stocks have been on a temporary upswing thanks to the recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) but textile enterprises still face difficulties due to heavy dependence on imported raw materials and machinery as well as reduced demand worldwide.
The Vietnam Textile and Apparel Association (VITAS) said the total export value of textiles, fiber, and cloth reached 25.7 billion USD in the first eight months of the year, up 8.6 percent year on year, including 60.6 percent from foreign direct investment (FDI) enterprises.
The Vietnam National Textile and Garment Group reported garment and textile enterprises have received enough orders to keep them busy through the first quarter of this year.
Domestic textile enterprises and logistics service providers should work together to reduce costs and improve their competitiveness, according to experts.
Economic experts predicted that Vietnam’s exports to the US, mainly textiles and footwear, would continue to increase if local exporters could meet technical standards and requirements.
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