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Tuesday, October 4, 2022

Vietnam’s textile exports jump to 10-year high

By Le Hoang

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HCMC – Vietnam’s textile and garment exports in the first quarter of the year reached nearly US$8.7 billion, up 20.3% year-on-year, the highest ever since 2012, according to data from the General Department of Vietnam Customs.

In March, the country exported textiles and garments worth over US$3 billion, soaring by 48.3%, or more than US$1 billion, month-on-month.

The apparel export made the biggest contribution, at US$1.46 billion, to the country’s total export value in the first quarter of 2022.

During the three-month period, the United States was still Vietnam’s largest textile and garment buyer, with a total value of US$4.4 billion, rising by 24.2% year-on-year and accounting for 50.3% of the latter’s total apparel export revenue.

The European Union, comprising 27 nations, came second, with its total value of Vietnamese apparel imports amounting to US$896 million, followed by the Japanese market with a value of US$771 million and South Korea, with US$754 million.

New export textile orders have been on the rise since the country relaxed pandemic restrictions late last year, according to many firms active in the apparel sector. Multiple firms have secured orders for production from now until the third quarter of the year.

Vietnam’s total revenue of apparel exports is expected to hit US$42 billion to US$43.5 billion in 2022.

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