Vietnam’s “Vietnam+” reported on July 25 that the Vietnam Cotton Spinning Association’s (VCOSA) operating performance report for the first half of 2022 showed that in the first five months of 2022, Vietnam’s textiles, fibers, Exports of fabrics and other products reached US$18.73 billion, an increase of 20.81% over the same period in 2021; of which textiles and clothing reached US$14.99 billion (a year-on-year increase of 22.2%), fibers and yarns reached US$2.37 billion (an increase of 10%), and geotextiles reached US$376.8 million (a year-on-year increase of 22.2%). growth of 27%), raw materials and excipients were US$979.8 million.
VCOSA assessed that with the above performance, Vietnam surpassed South Korea for the first time and became the world’s sixth largest fiber exporter.
At present, China is Vietnam’s main export market for textiles, especially recycled yarn, accounting for nearly 60% of total exports.
The United States and Europe are the world’s largest textile import markets. As these two major markets tend to reduce their imports of textile raw materials and accessories from China, they are increasing their imports from other countries. Therefore, Vietnam’s textiles, fibers and fabrics have huge export potential in these two markets.
In addition, the World Health Organization predicts that new coronavirus mutant strains will continue to appear in 2022. In this context, fiber products are expected to be the main factor driving the recovery and being less affected, as fiber production activities are mainly carried out through machinery.
Another advantage of Vietnam’s fiber products is that the Russia-Ukraine conflict directly affects the price of oil and natural gas, and will lead to the increase in the price of synthetic fibers made from oil, coal, and natural gas in 2022. Production costs rise.
The fourth industrial revolution also brings many new opportunities to industrial production, including the fiber industry. In addition, the development advantages of the fiber industry also come from international economic integration, especially free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Vietnam-EU Free Trade Agreement.
