Textile and garment export turnover in the first six months of 2022 is estimated to increase 23% on-year to about US$22 billion, reaching the highest level ever, according to the Vietnam Textile and Apparel Association.

VOV.VN - Vietnam’s garment exports to major markets such as the United States, the European Union and the Republic of Korea soared considerably in the first four months of the year thanks to high demand fueled by the global economic recovery and incentives from free trade agreements.

Vietnamese producers have been put under pressure because of the complex developments of the pandemic, but, in risks, opportunities always exist.

Vietnam overtook Bangladesh as the world’s second largest exporter of ready-made garments (RMG), with a turnover of US$29.8 billion, according to the World Trade Organisation.

Vietnam’s textile and garment exports grew 9% to over US$9.5 billion in the first four months of 2021, with shipments of cord fabric and fibre and yarn increasing 35.7% and 43.4%, respectively, year-on-year.

Vietnamese manufacturers and exporters are struggling to cope with rising material prices despite posting high export volumes in the first four months of the year.

Garment products from Vietnam and Taiwan (China) will be showcased at the Vietnam-Taiwan Textile and Garment Industry Exhibition held in HCM City from April 26-27.

The textile and apparel industry, which managed to survive three waves of COVID-19 thanks to its decision to produce face masks and personal protective equipment, will focus on sportswear and yarn, according to the Vietnam National Textile and Garment Group.

Vietnam raked in US$2.6 billion from exports of textiles and garments in January 2021, up 3.3% year-on-year, according to the Ministry of Industry and Trade.

The Vietnam Textile and Garment Group (Vinatex) forecasts the country’s textile and garment exports will continue to decline by 14-18% each month for the rest of 2020 over the same period last year.