Enterprises in the textile, garment and footwear industries are facing a decrease in orders through the rest of this year and possibly into the next year.
Phạm Xuân Hồng, chairman of HCM City Textile and Embroidery Association, said in the eight months of 2022, Vietnam’s textile and garment export value reached US$30.1 billion, but this value mainly came from the first months of the year. Since July, textile and garment industry enterprises have been facing many difficulties, including the reduction in export orders.
Many textile and garment enterprises in HCM City are seeing a sharp drop in export orders, mainly in the US and EU, because inflation pressure in these nations is large, forcing consumers to tighten spending. Furthermore, textiles are not essential goods, Hồng said.
An analysis report on the textile industry published by VNDirect Research has also commented that the demand for high-end clothing items such as shirts and t-shirts made from recycled cotton fibres would slow down in the second half of 2022.
