According to Vietnam’s “Financial Times” report on November 22, the Vietnam Textile and Apparel Association (Vitas) revealed that after the relaxation of social isolation measures, Ho Chi Minh City and southern provinces continue to be affected by the epidemic. 92-93% of factories have resumed production. In the first ten months, Vietnam’s textile and apparel exports reached US$32 billion, a year-on-year increase of 10.8%.
Based on the current situation of production and completion of export orders, Vitas estimates that exports in 2021 will be nearly US$38 billion, a year-on-year increase of 8.1%.
Severely affected by the ongoing epidemic, the yarn industry has become a bright spot in maintaining high production capacity due to its low labor employment and high degree of automation. Coupled with the increase in yarn prices, Export volume increased significantly compared with last year. Vitas said that yarn exports in the first ten months were approximately US$4.5 billion, and may reach US$5.1 billion for the whole year, an increase of 42%. In addition, the export value of various types of fabrics also reached 2 billion US dollars, which may reach 2.4 billion US dollars for the whole year.
According to data distributed by the Ministry of Industry and Trade, cloth exports grew strongly in the first ten months of 2021, with technical fabric exports increasing by 76.8% to US$636 million, compared with only US$3.6 in the same period last year. One hundred million U.S. dollars. According to an analysis of global consumption trends and the economic recovery capabilities of large markets such as the United States, Europe, and Japan, the export volume of the textile and apparel industry is expected to reach US$43.0-43.5 billion in 2022. He also suggested that companies should seize the consumer trend in a timely manner and focus on the markets of the United States, CPTPP, and the 27 EU countries to make full use of the advantages of FTA.
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