During the first five months of this year, Vietnam emerged as the top country in terms of market share for textile and garment exports to the United States, surpassing China. According to the Vietnam National Textile and Garment Group, Vietnam also recorded the highest export growth among the world’s top three exporters in this category.
Textile and garment exports may reach 47 - 48 billion USD in the positive scenario for 2023 and 45 - 46 billion USD in the lower-case scenario, said the Vietnam Textile and Apparel Association (VITAS).
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.
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.
Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.
Prime Minister Nguyen Xuan Phuc asked the garment-textile and footwear sectors to promote the building of Vietnamese brands and supply chain linkages, and develop supporting industries during a working session with the sectors’ representatives in Hanoi on November 23.
Bac Ninh province, a major investment magnet and industrial hub in the north of Vietnam, earned 26.13 billion USD from exports in the first nine months of 2020, up 6.8 percent year-on-year.
Exports continued to recover in the first half of August, helping the country record 10 billion USD in trade surplus so far this year, according to the General Department of Vietnam Customs.
Hanoi will prioritise stimulating support industries for the component manufacturing, hi-tech, and textile-garment and footwear sectors and strengthen industrial supply chains in the northern key economic region.
The Government and firms of Mexico see Vietnam as a potential market among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
With certain advantages, Vietnam has been the destination for many multinational businesses to seek processors, and processing in turn have become a major growth engine of the economy.
Three export commodities have earned Vietnam more than 20 billion USD in revenue each this year to September 15, according to latest statistics of the General Department of Vietnam Customs.
The 2017 Hanoi Textile and Garment Industry Expo (HANOITEX 2017) opened at the International Centre for Exhibition on Tran Hung Dao street, Hanoi on November 1.
Vietnam’s textile-garment industry still relies heavily on imported materials, with domestic producers importing 86 percent of their fabrics, according to the Vietnam Textile and Apparel Association (VITAS).
Vietnam and India have made significant progress in textile and garment trade last year, said Deputy Minister of Industry and Trade Do Thang Hai on March 15.
