Vietnamese media reported that VuDucGiang, chairman of the Vietnam Textile and Apparel Association (VITAS), explained the industry’s export prospects at a press conference on November 18. The key points are as follows:
1. Despite the challenges of labor shortage, plummeting orders, soaring interest rates and exchange rate fluctuations. The association predicts that Vietnam’s textile and garment industry exports will still grow strongly in 2023, and are expected to reach US$47 billion.
2. In the first 10 months of 2022, Vietnam exported approximately US$38 billion in textiles and clothing to 66 countries and regions, an annual increase of 17.2%. Therefore, it is expected to achieve this year’s The industry’s export target is US$43 billion.
3. Vietnam has signed 15 free trade agreements to help promote textile industry exports. The industry’s current average monthly export volume is approximately US$4 billion, so the export target of US$47 billion in 2023 is expected to be successfully achieved.
4. It is recommended that the Vietnamese government and relevant ministries give preferential consideration to tax reductions or extensions of tax deadlines for textile and garment export manufacturers to help them maintain production and stabilize the labor force. Contribute to achieving the 2023 export target.
5. It is recommended that Vietnamese banks provide preferential loans to major garment exporters to stimulate them to increase production and export volumes.
