Business News

The Vietnam Textile and Apparel Association (VITAS) forecast garment exports to reach more than USS$45 billion in 2023, higher than this year value of $44 billion, driven by the opportunities provided by new-generation free trade agreements (FTAs).

Textile and garment businesses are facing pressure due to weaker purchasing power caused by mounting inflation and other global uncertainties. Sharp export declines were recorded in the US, Europe, Japan, the Republic of Korea (RoK), and China, according to the General Statistics Office.

Attracting green projects into input manufacturing, forming supporting industries and digitizing production processes are key to the sustainable development of the textile and garment industry in the new context.

Textile exports hit US$26.55 billion, up 16.5 per cent year-on-year. Textile trade surplus reached US$11.07 billion, 31 per cent higher than last year. The industry created 1.9 million jobs with an average monthly wage of VNĐ8.5 million.

According to the Vietnam Textile and Apparel Association (Vitas), greening the textile and apparel sector has become a global trend that local firms must follow to reach sustainable development targets and scale up export into key markets like the EU and United States.

Vietnamese enterprises are trading well so far this year, but key exporters in textiles, garments, leather, and footwear are still suffering from increasing raw material costs.

Việt Nam achieved high export growth in the first five months of this year as businesses strived to promote investment in production and exports. In the first five months of the year, Việt Nam's textile and garment export value reached US$18.7 billion, up 23.5 per cent.

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.