The trade deficit in East Asian markets poses a significant challenge, reaching nearly US $ 129 billion in 2022.
Business News
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Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
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Despite a recovery in Vietnam’s textile and apparel exports post-July this year, Vietnam Cotton and Spinning Association (VCOSA) anticipates persistent challenges for the country’s garment and textile sector due to sustained low consumption demand throughout 2024. The association forecasts that the export value for the year will be approximately US $ 40 billion, reflecting a 10 per cent decline compared to the previous year.
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The exports are predicted to decline and reach a range between US $ 40.5 billion and US $ 41 billion in 2023 as compared to US $ 44 billion in 2022. 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.
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Sustainability
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Factory wages in Vietnam, a leading apparel exporting country, have more than doubled since 2011, to US $ 320 a month. Apart from this, there are some interesting benefits being given to workers.
