HANOI (XINHUA) – Vietnam earned approximately USD37.5 billion from exporting textiles and garments in 2022, up 14.5 per cent from the previous year, according to the country’s Ministry of Industry and Trade yesterday.
Its major export markets included China, Japan, the European Union, South Korea and the United States (US).
In December alone, however, Vietnam’s textile and garment export decreased 21.1 per cent year-on-year to around USD2.8 billion.
According to the Vietnam National Textile and Garment Group, though forecasts had been made early, its members were still surprised at unpredictable changes in 2022 which have dampened demand in importing markets.
The Vietnam Textile and Apparel Association forecast that textile and garment exports may reach USD47 billion to USD48 billion in the positive scenario for 2023 and USD45 billion to USD46 billion in the lower-case scenario.
In the current context, when international markets do not place long-term textile and garment orders, businesses can switch to producing lower-value items, the Vietnam News Agency cited the association as saying.