Garment industry news

Vietnamese textile and garment exports conquer many countries and territories around the world

Vietnamese textile and garment exports conquer many countries and territories around the world

According to the latest data from the Vietnam Textile and Apparel Association (VITAS) in October 2022, Vietnamese textile and garment products have been exported to 66 countries and territories with 47-50 different items. This is the industry’s breakthrough in market development.

Regarding the export market of Vietnam’s textiles and garments, the United States continues to account for the largest proportion with 42%, followed by China with 11%, Japan and Korea together with 9%, and the ASEAN market with 6%. %, Russia 1%, the rest are other markets.

Clothing and garments of all kinds are still items that account for a large proportion of the industry’s total export turnover of up to 29.1 billion USD. Of which, the key export market is the United States with 13.9 billion USD, countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with 4.733 billion USD, EU countries with 3.63 billion USD, and South Korea. 2.525 billion USD and China is 925 million USD. Vietnam’s textile and garment industry exports fabric with 2.13 billion USD, fiber with 4.083 billion USD, garment accessories with 1.165 billion USD, geotextile with 747 million USD.

The Vietnam Textile and Apparel Association believes that the results achieved so far are a great effort of the Vietnamese textile and garment industry, especially in the context of a strong world consumer market due to the influence of many factors.

Also according to VITAS calculations, the average orders of businesses have decreased by 25-27%. Enterprises that manufacture and process low-cost products are most severely affected, even having to work for free. Due to the impact of exchange rate fluctuations due to having to spend foreign currency to buy raw materials for production. However, businesses are proactively receiving orders and customers.

In the recent phenomenon of workers being laid off from work, in the textile and garment industry, the phenomenon of workers being laid off has occurred but the proportion is low, only about 5-7%.

Domestic textile and garment enterprises are using many ways to maintain production activities, maintain jobs and income for workers. Many businesses are converting production products with low productivity to maintain labor stability and welcome the market recovery forecast in the third quarter/fourth quarter of 2023.

Besides, not only in the domestic market, business through the internet environment is also fully utilized by importers. Most big brands still come up with ideas and exchange with Vietnamese businesses through the online environment for businesses to design and offer prices, some brands have not even come to Vietnam yet.

To date, Vietnam has participated in negotiations for 18 free trade agreements (FTA). Of which, 15 FTAs have been signed and taken into effect, 01 FTA has ended negotiations and 02 FTAs are under negotiation (Vietnam – EFTA FTA; Vietnam – UAE FTA). Free agreements have turned Vietnam into one of the economies with large openness (200% of GDP), accessing and establishing trade relations with nearly 230 markets. With the implementation of new generation FTAs, Vietnam will benefit greatly from a new wave of investment, form new production capacity, and have the conditions to accelerate opening up to the world, creating a market economy. in its true sense.

The legal framework of the agreements will be a model for operating economies in the 21st century with higher and more comprehensive rules and regulations. Vietnam will be able to play on a high-class playing field with many opportunities to connect more deeply with the global economy.

Join the conversation