According to Vietnam’s Ministry of Industry and Commerce, Vietnam’s textile and garment exports reached US$24.77 billion in the first nine months of 2019, an increase of 10.4% compared with the same period in 2018.
In the current context of great changes in the global economy, Vietnam’s textile industry faces many challenges. Due to the Sino-US trade war, which affects the currency exchange rates of various countries, the cost of goods processed in Vietnam is higher than that of South Korea and China, which affects export orders, especially because China (accounting for 60% of exports) reduces the import of Vietnamese fibers and raw and auxiliary materials. Sales volume dropped significantly.
In the first nine months of 2019, the production and export of textile and clothing products increased compared with the same period in 2018. However, various orders continued to change, so each manufacturer must take appropriate measures. Measures should be taken to improve the production and operation model to suit the current situation.
