Vietnam’s textile and garment exports are expected to reach US$100 million
Vu Duc Giang Quang, Chairman of the Vietnam Textile and Apparel Association (VITAS), attended the press conference on Vietnam’s textile business results in the first half of the year on July 21, 2022, and said that this year is the year for Vietnam’s textile industry This is the first year that pharmaceutical companies have gradually recovered after being severely affected by the COVID-19 epidemic for two years. In the first half of the year, Vietnam’s textile exports reached US$22.3 billion, an annual increase of 17.7%, including US$16.94 billion for clothing (an annual increase of 19.5%), US$1.4 billion for fabrics (an annual increase of 20.8%), and US$2.76 billion for yarn fibers (an annual increase of 4.4%). %)wait.
In addition, Vietnam’s textile raw material imports in the first half of the year amounted to US$13.4 billion, an annual increase of 9.8%. Therefore, Vietnam’s textile trade surplus in the first half of the year was US$8.86 billion, an annual increase of 32%. This is the effort made by Vietnamese textile companies in the face of many difficulties in the global economy.
However, Vietnam’s textile industry still faces many risks and challenges in the second half of the year, including the recurrence of the new crown epidemic; many important trading partners of Vietnam, such as China, Japan, and Taiwan, China, still adopt Strict epidemic prevention measures have seriously affected the supply chain of Vietnam’s raw materials and textile exports; and the inflation in Vietnam’s main consumer markets for textiles, such as the United States, Europe and other countries, and the ongoing conflict between Russia and Ukraine, have led to raw materials and textiles since the beginning of the year. Fuel prices continue to rise, causing costs for Vietnamese textile companies to surge by 20-25%. In addition, the exchange rate disadvantage with competitors, the labor shortage after the new crown epidemic, and the new generation free trade agreement (FTA) on the origin of cotton, fabrics, yarns or green textiles are also major challenges that Vietnamese textile companies need to face. challenge.
VITAS Chairman pointed out that even though Vietnam still faces many difficulties, Vietnam’s textile exports are expected to reach US$20-21 billion in the second half of the year, and the total textile exports for the whole year are expected to reach US$20-21 billion. Exports will reach a target of US$42-43 billion.
To achieve this goal, Vietnamese textile companies need to adapt quickly, adjust the export market structure to reduce dependence on a few markets, and update technology and equipment to adapt to the needs of importing countries. requirements, such as the EU market’s requirements for recycled textiles.
VITAS chairman continued to say that Vietnamese textile companies have been determined to set export targets since the beginning of the year. Even if there is no profit, they need to ensure the stability of the market, employees and customers. Even many companies have tightened their finances and controlled expenditures in all aspects. Overall, in order to stabilize production and shift to green production in accordance with brand owner requirements, it is also necessary to actively cultivate talents, especially designers in the fashion industry. In the past, the association connected local textile companies with foreign-invested companies to form a supply chain, jointly develop export markets, and served as a communication bridge between government agencies and textile companies. Looking to the future, the association will continue to work with textile companies to make suggestions to the government and seek support to help textile companies continue to grow and thrive.
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