[NEWS] – Vietnam’s textile and garment industry in the world market

Despite the difficulties, Vietnam’s textile and garment industry in 2022 will continue to grow by double digits and maintain the third position in terms of exports in the world market.

Mr. Vuong Duc Anh - Chief of the Office of Vietnam National Textile and Garment Group said: In 2021, Vietnam’s textile and garment ranked third in terms of exports in the world market with a 5.7% market share. In 2022, Vietnam’s textile and garment exports will reach 44.5 billion USD, up 10.5-11% compared to 2021, still ranked 3rd after China and Bangladesh.

Taking the US market as an example, leaders of the Vietnam Textile and Garment Group explained why in difficult times, Vietnam’s textile and garment industry still grew in numbers and maintained its position. Accordingly, the US partner assessed that Vietnam’s textile and garment industry has a variety of product lines, difficult orders, and stable delivery times.

With the EU market, Vietnam enjoys preferential treatment from the EU-Vietnam Free Trade Agreement. In 2022, the number of goods that meet the rules of origin and enjoy preferential treatment will be about 5-6%. This is also the driving force for buyers to come to Vietnam.

Regarding the response to 3 market scenarios, including World economic recession, demand will decrease by 15% compared to 2022; the economic decline is not too severe, and the demand decreases by 8-10%; In case the first half of 2023 the economy declines and then recovers, demand will decrease by 5-6% and orders will be abundant again, leaders of Vietnam Textile and Garment Group said that 13,000 textile and garment enterprises will have different responses. Particularly for Vinatex, it has been effectively implementing 5 goals: Consistently participating in the global supply chain; building a complete supply chain for the group to become a destination to supply from yarn to final garment for partners.

The Strategy for the development of the textile and footwear industry to 2030, with a vision to 2035, approved by the Government, also provides basic orientations for the industry. Which, the industry is oriented to develop toward specialization and modernization; accelerating the shift from manufacturing outsourcing to forms requiring higher capacity.

Developing fashion and textiles, promoting and creating cohesion, coordination between manufacturers, product design and development, and sales to orient and create fashion trends for the domestic market; developing product branding and national brand. Developing a fashion center in Ho Chi Minh City. Ho Chi Minh City and Hanoi Capital.

Along with that, the orientation to promote investment in the production of raw materials, auxiliary materials, supporting industries for the textile, leather, and footwear industries; focusing on the production of fabrics, artificial fabrics, and leather, encouraging the production of fabrics from domestically produced yarns in order to reduce imports, positively affect linkages, form a complete supply and value chain in the region. branch…

It is expected that with a clear development direction, relevant agencies will develop policies that are strong enough and attractive to investors to develop a strong, strong, and sustainable textile and garment industry, achieving the goal of becoming a key industry. export. At the same time, create a competitive advantage, step by step to a higher position on the world textile map.

Indochina Holdings Trading Promotion Investment Joint Stock Company would like to introduce trade and investment promotion services. With a team of experienced consultants, we have a mission to accompany Vietnamese businesses to expand Vietnamese brands to international markets as well as connect international businesses to invest in Vietnam.

Source: Collector