Vietnam has clocked US $ 35 billion revenues from textile and garment exports during the first nine months of 2022, noting 21 per cent growth over the same period last year.
As per data, the country didn’t rely only on its traditional markets including the US, Europe, Japan, South Korea and China, but also expanded the exports to Russia, Mexico and other countries in Africa.
Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), said that the textile and garment industry gained growth in export orders in the first half of 2022 but, entering the third quarter of 2022, the market began to see signs of a decrease.
“The export order reduction was due to lower demand in major export markets like the US and the EU. High inflation in those markets caused people to reduce their spending significantly in which apparel was a commodity seeing strong cuts,” commented Giang.
Tran Nhu Tung, Chairman of the Thanh Cong Textile – Investment – Trading JSC, mentioned that almost all countries exporting textiles to the US and EU markets have experienced a decline in orders due to high inflation and lower demand for apparel products.
As reported by VietnamPlus, Thanh Cong, by foraying into other markets, has fulfilled 80 per cent of the revenue plan and 85 per cent of the after-tax profit plan in the first nine months of the year.