Vietnam’s “Industry and Trade Electronic News” reported on December 2 that Vietnam’s textile and apparel exports in the first 10 months are expected to be US$24.76 billion, a year-on-year decrease of 9.3%. Full-year exports are expected to be US$33-35 billion, down 10% year-on-year. Even though the textile and apparel export market is recovering, it is still difficult to achieve the goals set at the beginning of the year.
The textile and garment industry is the industry most severely affected by the COVID-19 epidemic in Vietnam. The Vietnam Textile and Apparel Association stated that the new crown epidemic has caused export difficulties to Vietnam’s textile industry and a double blow of interruption of imports of raw materials and auxiliary materials from China.
Since March this year, demand from Europe and the United States has dropped sharply, causing Vietnam’s textile and apparel exports to be bleak. Exports fell by 2% in the first quarter, and dropped sharply by 27% in the second quarter. They improved slightly in the third quarter, but still face difficulties. Vietnam’s textile and apparel exports are expected to reach up to US$35 billion this year, a sharp drop of 10% year-on-year.
Vietnam’s Ministry of Industry and Trade stated that due to shrinking consumption, textile and garment companies have adjusted their product structure, shifting from the production of traditional products to rapidly adaptable products such as high-end suits and shirts. Change to work clothes, knitted clothing, traditional shirts, etc. to maintain production and business activities. </p
