Saturday , January 28 2023

Garment exports to grow despite global challenges

Vietnam’s garment exports are set to rise 9% to reach $43 billion this year despite negative global economic factors.

Although Vietnamese garment and textile manufacturers saw declining orders in the second half of this year due to weakening global consumption and rising inflation, exports will increase $2-4 billion from 2021, the Vietnam Textile and Apparel Association (VITAS) said in a recent note.

The U.S is set to remain the biggest importer of Vietnamese garments and textiles valued at $18 billion, followed by South Korea at $4.2 billion, and Japan and China, both at nearly $4 billion.

The falling orders and low price situation, however, will likely continue until the first or second quarter next year. VITAS advises its members to not sign contracts with large discounts amid a shortage of orders.

The association forecast that the sector will continue to grow next year, with exports tipped to reach up to $48 billion in a favorable market and at least $45 billion in a less favorable market.

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