The textile and garment exports of Vietnam are anticipated to decline by 5-6.3 per cent in 2023, reaching a range between US $ 40.5 billion and US $ 41 billion due to the ongoing weak global demand.
It’s worth noting here that Vietnam earned approximately US $ 44 billion from its apparel and textile exports in 2022.
Textiles and clothing constitute Vietnam’s third-largest source of exports, trailing only behind smartphones and electronics.
The Chairman of the Vietnam Textile & Apparel Association, Vu Duc Giang, mentioned that the global economy has not yet rebounded, which has restrained consumer spending on various items, including garments.
Vu emphasised that this challenge affects not only Vietnam but also the entire global garment and textile industry.
Due to the lack of orders, numerous garment and textile companies have been compelled to reduce their production and lay off thousands of workers throughout the year.
Nevertheless, Giang pointed out some signs of recovery and he expects this trend to continue in 2024. He noted that Vietnam’s textile-related exports dropped by 13.5 per cent during the first nine months of the year, which is a slight improvement compared to the 17 per cent decline in the first half of the year.
