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Vietnam garment market update: Signs of recovery 

 Thursday, November 23,2023

AsemconnectVietnam - Garment and textile firms are urged to flexibly implement measures to bring into full play market opportunities and promote growth, so as to fulfil the set goal of over 40 billion USD in export revenue this year.

In the first 10 months of this year, total value of garment and textile exports reached more than 33 billion USD, down 12.45% year-on-year. In October, the sector saw a sign of recovery when earning 3.2 billion USD from exports, up 5.28% month-on-month, and 2.96% year-on-year.
The US is currently Vietnam’s biggest apparel importer, accounting for over 40% of the market share, followed by Japan, the EU, the Republic of Korea, and China.
According to insiders, in the gloomy picture of the market over the past 10 months, the only silver lining is high growth from countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) such as Japan, Canada, Australia, and New Zealand.
Vietnam's garment sector sees positive signs in Q4
Vietnam's garment and textile market showed more positive signs in the fourth quarter, Vietnam News Agency reported Wednesday, citing General Director of Vietnam Textile and Garment Group Cao Huu Hieu.The prediction was made thanks to the frequent customer inquiries about the source of goods and production capacity, which are the driving force for Vietnam's garment firms to introduce their products and offer suitable prices to win orders, he said.In the context of sharp reductions in global market demand, the Southeast Asian country's garment and textile firms have been urged to flexibly adopt measures to bring into full play market opportunities and promote growth, so as to fulfil the set goal of over 40 billion U.S. dollars in export revenue this year.
Chairman of Vietnam Textile and Apparel Association Vu Duc Giang said it was necessary to keep customers by accepting small orders, while promoting the exploitation of new markets and reducing costs to step up production and business activities for the benefit of growth.
Vietnam's garment and textile export revenue hit more than 33 billion dollars in the first 10 months of 2023, down 12.45 percent year-on-year.
The United States, Japan, the European Union (EU), South Korea and China are Vietnam's biggest apparel importers.
Vietnam's garment products introduced at Global Sourcing Expo Australia 2023
Vietnamese garment and textile products are being showcased at Global Sourcing Expo Australia 2023 which kicked off in Melbourne on November 21.
The three-day event saw the participation of over 900 manufacturers and suppliers from 20 countries, including Vietnam, India, South Africa, Bangladesh, Pakistan, Indonesia and Turkey.
The Vietnam Trade Office in Australia has collaborated with the Vietnam Textile and Apparel Association (VITAS) and domestic enterprises to arrange 12 booths to introduce Vietnamese garment products, helping business representatives meet and connect with international partners and expand trade connections between the two sides.
Vietnamese exhibitors are VITAS and other companies such as Thai Son SP Co. Ltd., Dong Tam Caps Co. Ltd., FADATECH Company, An Sinh Trading Co. Ltd., Viet Y - Hung Yen Garment Joint Stock Company (VYG) and Viet Thanh Garment Trading Joint Stock Company.
Rosy horizon for Vietnam’s apparel, leather shoe exports
Despite the gloomy gloomy outlook of the global economic, Vietnamese exporters of yarn, garment, textile, and leather shoes are still seeing a brighter future as robust signs are looming on the horizon.According to statistics from the General Department of Vietnam Customs, Vietnam gained nearly 3.65 billion USD from shipping yarn abroad during January – October, up 12% in volume but down 10.8% in value year-on-year.Meanwhile, the export of garment and textiles, footwear, handbags, wallets, suitcases, umbrellas, and materials for garment and textiles and leather shoes production brought home 27.7 billion USD, 16.4 billion USD, 3.06 billion USD, and 1.6 billion USD, falling 12.9%, 18.3%, 10% and 14.4% as compared to the same time last year.
However, the figures in October improved from the previous month, with growth recorded in both volume and value, and economists described this as a positive sign for enterprises in the fields.
Source: Vitic/VNA


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