According to Vinatex, a tremendous growth amongst the 5 biggest textile kings in the market (the U.
S., Japan, South Korea, E.U., and China) has been observed between Vietnam’s textile and garment exports to China in Q1. This shows that one of the most prominent export markets to Vietnam’s textile and garment industry will be China as there was a stipulation in China’s 14th Five year plan which exhibited that the country will not be focusing on textile and garment production in the 2021-2025 period.
Along with the innumerable problems that the covid brought with itself, one that has become a major cause for concern for the garment producers is the lack for need of office wear as the world is now working from the vicinity of their homes and prefer casual and lounge wear. This is specially a challenge for Vinatex as office wear is their main product.
The data published by General Statistics Office states that Vietnam’s textile and garment exports in the first five months of 2021 hit .
2 billion, up 15 percent year-on-year. Textile and garment export value to China during the period was as high as that to the E.U. at $680 million. Vinatex targets revenues of VND1.5 trillion ($66 million) this year, up 5 percent year-on-year, and pre-tax profit of VND201 billion, up 37 percent.
