It is expected that Vietnam’s textile and apparel market will return to pre-epidemic levels

According to a report by Vietnam’s “Investment News” on May 28, Le Tien Chang, chairman of Vietnam Textile and Garment Group, said that the current COVID-19 epidemic situation is complex and it is difficult to make mid- and long-term judgments on textile and apparel exports. Can predict the situation in 3-6 months. At present, the demand in the textile and clothing export market has rebounded, but there is still a big gap compared with before the epidemic. The rapid growth of export orders in the first quarter was mainly due to the tense situation in Myanmar and customers transferring orders to Vietnam. This was driven by external factors rather than changes in business operations. The strength of domestic-funded enterprises is still not comparable to that of foreign-funded enterprises. The yarn market fluctuates greatly. Demand has picked up in the past five months, but now it has shrunk again, with export volume and export value both falling by 10% month-on-month. At the same time, the prices of raw materials such as cotton and polyester fiber increased by 5% month-on-month. Affected by the epidemic, production in six textile and apparel exporting countries in South and Southeast Asia has stagnated. Vietnam’s export orders are expected to increase in the second and third quarters, provided that Vietnam can control the current fourth round of the epidemic. The epidemic in Europe has not yet been fully controlled, the epidemic in Japan is evolving complexly, and there are still many uncertainties in the international market. It is expected that the textile and apparel market will not return to pre-epidemic levels until 2023. </p