Vietnam's textile-garment exports set to hit $43 bn this year: VITAS

22 Jul '22

2 min read

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Vietnam's textile-garment producers aim an export revenue of up to $21 billion in the second half (H2) this year, raising total shipments of the year to around $42-43 billion, according to chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang, who recently said the sector enjoyed a trade surplus of $8.86 billion in the first half of the year.

Textile-garment exports totalled around $22.3 billion from January to June this year, a 17.7 per cent increase over the same period last year.

Garment export rose by 19.5 per cent year on year (YoY) to $16.94 billion and that of fabrics reached $1.4 billion, up by 20.8 per cent YoY.

The sector has gradually recovered this year after being adversely affected by COVID-19 for two years, according to VITAS.

The country imported $13.4 billion worth of trims and accessories in the first half this year, up by 9.8 per cent YoY.

Giang, however, foresees the immense risk of COVID-19 resurgence caused by new variants, according to a Vietnamese media report.

Other threats include record-high inflation in major importing countries and the Russia-Ukraine war triggering a steep rise in prices of inputs, he said.

Prices of cotton, crude oil and petrol have soared by 19.1 per cent, 40 per cent and 67 per cent respectively compared to the beginning of this year and transportation cost tripled the average rate of the last five years, driving total expenditures of Vietnamese exporters up by 20-25 per cent, he added.

Fibre2Fashion News Desk (DS)

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