Garment-textile exports set to hit 45.7 billion USD this year

Illustrative image (Source: VNA)

Vietnam expects to earn 45.7 billion USD from garment-textile exports this year amid good results recorded since the beginning of this year and positive market developments.

The General Department of Vietnam Customs reported that as of mid-July, garment-textile was one of the four sectors posting the highest export revenue, with a record of 20.4 billion USD, up 19.7% year-on-year.

Garment-textile was also among the six groups whose export value increased by over 1 billion USD, according to the authority.

Some 14,000 businesses are operating in the sector, with combined capital of over 1.1 quadrillion VND (46 billion USD) and net profits, nearly 1 quadrillion VND. They are employing about 200,000 labourers.

Vietnamese garment-textile products were shipped to 55 countries and territories worldwide, including 17 markets with a turnover of more than 100 million USD each.

The US, Japan, the Republic of Korea (RoK), Canada, China, Germany and Cambodia were major buyers of the Vietnamese products.

Earlier, the Vietnam Textile & Apparel Association said textile-garment producers target to earn up to 21 billion USD from exports in the second half of 2022, raising total shipments of the year to around 42 – 43 billion USD.

The industry has seen a gradual recovery this year after being adversely impacted by COVID-19 for two years. It enjoyed a trade surplus of 8.86 billion USD in the first half of the year.

To maintain the growth, experts have suggested domestic businesses pay more heed to product origin as committed by Vietnam in free trade agreements (FTAs), better handle labour issues, and expand the market./.