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Tuesday, May 24, 2022

Textile-garment firms have enough orders until Sept

By Le Hoang

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HCMC – Many textile and garment enterprises have secured enough orders for production until the middle of the year, even until September, said Pham Xuan Hong, chairman of the HCMC Association of Garments, Textiles, Embroidery and Knitting.

For example, Thanh Cong Textile Garment Investment Trading’s orders are enough until the end of the third quarter.

Meanwhile, Garment Corporation 10 will complete orders by the end of June as the demands have grown higher than in 2020 and 2021.

Following the positive performance in the last few months of 2021, apparel enterprises continued strong growth in their production and business activities in the first two months of this year.

In the two-month period, Vietnam exported nearly US$8.2 billion worth of textile and garment products, surging 59% year-on-year, said Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association.

In the first quarter of this year, the sector was expected to earn US$12.7-12.8 billion in export revenue, Giang added.

Textile and garment enterprises will enhance access to European markets this year thanks to tariff incentives ushered in by the European Union-Vietnam Free Trade Agreement and the United Kingdom-Vietnam Free Trade Agreement.

According to the Vietnam Industry and Trade Information Center, in 2021, the textile and garment sector exported US$39 billion worth of products, up 11.2% over the year-ago period. However, exports to most of Vietnam’s large markets have yet to recover.

In addition, local textile and garment firms have faced high transport costs which have tripled the average over the past five years. Moreover, enterprises in the south have been facing a shortage of laborers, while they have contributed some 40% of the sector’s export revenue.

Vietnam’s rivals, including China, Bangladesh and India, have also made more efforts to improve their textile and garment exports.

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