Despite a continued decrease in export turnover in the first eight months compared to the same period last year, the textile and garment industry has shown numerous signs of recovery and opportunities for stronger growth in the remaining months of 2023.
The textile and garment industry shows numerous signs of recovery and opportunities for stronger growth. (Photo: VNA)
Hanoi (VNA) – Despite a continued decrease in export turnover in the first eight monthscompared to the same period last year, the textile and garment industry hasshown numerous signs of recovery and opportunities for stronger growth inthe remaining months of 2023.
Textile and garment exports totaled 3.4 billion USD in August, up 5.5% month on month, marking the fourth consecutive month the turnover hasincreased compared to the previous month.
Customs data showed that in the Jan – August period, the country's textile export turnover reached only 22.5 billion USD,down 3.8 billion USD or 14.4% year-on-year.
The export values to the US, the European Union (EU), and the Republic of Korea(RoK) - the key importers of Vietnam, recorded decreases of 22.4%, 11.9%, and 3%in the period, reaching only 10 billion USD, 2.66 billion USD and 2.08 billionUSD, respectively.
Textile and garment exports total 3.4 billion USD in August. - Illustrative image (Photo: VNA)
According to Director of the Vietnam Chamber of Commerce and Industry (VCCI)'s Branch inHo Chi Minh City Tran Ngoc Liem, textile exports to the US have witnessed remarkablerecovery in recent months.
The recent visit to Vietnam by US President Joe Biden, and the upgrade of bilateral relations to a comprehensive strategic partnership between the twocountries offer good opportunities for Vietnam’s exports in general and its textileand garment exports in particular, he said.
Statistics from international organisations and market survey organisationsshowed that the US’s stockpile has decreased sharply, so US companies are likely toimport commodities from many countries, including Vietnam.
The LatinAmerican market is also seen as a potential market for Vietnamese strongexports such as textiles, footwear, processed farm produce, consumergoods, and electronics.
According to Vo Hong Anh, Deputy Director of the European-American MarketDepartment under the Ministry of Industry and Trade (MoIT), there is ampleroom for Vietnam’s textile and footwear industries to penetrate deeply intoPeru, Chile and Mexico./.
More than 1,300 businesses from 21 countries and territories are participating in the Vietnam Textile & Garment Industry Expo (Saigontex) 2023, the leading exhibition of the industry in Southeast Asia, which opened in Ho Chi Minh City on April 5.
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The development strategy of the textile and garment industry until 2030 with a vision to 2035 has clearly identified that exports will continue to be a major and crucial driving force for the sector's growth.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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The textile and garment industry shows numerous signs of recovery and opportunities for stronger growth. (Photo: VNA) 
Textile and garment exports total 3.4 billion USD in August. - Illustrative image (Photo: VNA) 
