Figures from the General Department of Customs showed that in the first quarter of 2022, the country’s export value of textiles and garments reached $8.68 billion, up 20.3% year-on-year, marking the highest increase in the past 10 years. Prospects for the world’s textile and garment industry are expected to be brighter in 2022. Vietnam continues to maintain its position as a leading textile and garment exporter in the US and EU markets.
The US continues to be the largest textile and garment import market from Vietnam with a value of US$4.3 billion, followed by the EU with US$896 million, and Korea with US$754 million. The positive signal of the market and the initial control of the COVID-19 pandemic will help Vietnam’s textile and garment industry fulfill its set export target of over US$43 billion by 2022, according to Vietnam Textile and Apparel Association. Besides, Vietnam will also have opportunities to catch up with the trend of shifting the world’s textile and garment supply out of China. Vietnam is one of the most potential and favorable destinations for manufacturers, import and export distributors, wholesalers, and retailers worldwide. To maintain the leading position and tap up opportunities post COVID-19, textile enterprises are accelerating to upgrade technology in production chains as well as increase labor productivity.
With the EVFTA coming into effect, duty was lifted from 65% of EU exports to Vietnam and 71% of Vietnamese exports to the EU. Therefore, it is expected that Vietnamese exports to the EU by 2025 will see a 42.7% increase by 2025, according to Vietnam’s Ministry of Planning and Investment.
