Vietnam's textile-garment producers set to earn up to 21 billion USD from exports in the second half of this year, raising total shipments of the year to around 42 – 43 billion USD.
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.
President Nguyen Xuan Phuc on July 19 visited Sao Mai Trading Company Ltd.’s garment plant in Hai Phong’s Vinh Bao district as part of his working trip to the northern port city.
Surmounting the tensest period caused by the COVID-19 pandemic, a number of enterprises have regained growth momentum. However, rising input costs are affecting their performance.
Vietnam’s garment-textile exports hit 18.65 billion USD in the first half of 2022, posting a year-on-year surge of 21.6%, according to the General Statistics Office.
More than 10 Vietnamese outstanding enterprises have attended the Premiere Vision 2022, an essential event for the entire textile industry, which is taking place from July 5-7 at Paris-Nord Villepinte Exhibition Centre in Paris, France.
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.
The export turnover of southern Dong Nai province hit 13.3 billion USD during the first six months of this year, surging 13 percent over the same period last year, according to the provincial Department of Industry and Trade.
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.
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.
Hanoi enjoyed a surge in exports-imports in the first five months of this year, signalling the capital city’s strong economic recovery, according to the municipal Statistics Office.
Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans.
Vietnam’s textile and garment exports to the United States in the first quarter of the year reached nearly US$4.36 billion, up 24..% year-on-year, the highest ever since 2012, according to data from the General Department of Vietnam Customs.
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.
The textile and garment industry is forecast to have a bright prospect in 2022, but as share prices have increased sharply since 2021, many stocks may not continue to rise significantly.
By the end of the first quarter of 2022, garments and textiles continued to rank in the group of products earning billions of USD from exports as they contributed 8.84 billion USD to the country’s total turnover, up 22.5% from the same period last year.
Business
