Vietnam’s textile and garment export turnover reached US $ 8.80 billion in January-March ’22, noting 23 per cent Y-o-Y surge – as per Rong Viet Securities.
The growth can be attributed to a sharp increase in demand after being compressed by the COVID-19 pandemic that helped production recovery of the garment factories.
Notably, the US market accounted for around 50.30 per cent (~ US $ 4.30 billion; up 24 per cent) of overall export values in Q1 ’22 as compared to Q1 ’21 when the share of export value of textiles and garments was just 40 per cent.
The EU market accounted for US $ 896 million, up 31 per cent; Japan US $ 771 million, down 3 per cent; and South Korea US $ 754 million, up 7 per cent during the first quarter of 2022.
Rong Viet Securities further mentioned that the large textile enterprises in Vietnam have received orders until the end of the third quarter.