Business News

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.

According to the General Department of Vietnam Customs, the nation exported US$3.15 billion worth of textile and garment products in April, taking the total in the first four months of the year to US$11.83 billion, up 22.2% year-on-year.

To maintain the impressive export performance, textile and garment producers are actively and flexibly transforming into greener models to meet increasingly stringent requirements of import partners and sharpen their competitive edge.

Despite the devastating impact of the COVID-19 pandemic, Việt Nam’s textile and garment industry has seen stable growth, recording an export turnover of US$8.84 billion in the first quarter of 2022 with an increase of 22.5 per cent against the same period last year.

National Assembly (NA) Chairman Vương Đình Huệ told the Việt Nam Textile and Garment Group (Vinatex) to build a Vietnamese fashion brand, focusing on the domestic market of nearly 100 million people and at the same time pay attention to export markets.