As per recent Vietnam General Department of Customs stats, the country’s textiles and apparels exports are expected to reach USD 39 billion this year. Exports increased USD 270 million to reach USD 3.77 billion by February 15, 2021.

Le Tien Truong, Deputy Chairman, Vietnam Textile and Apparel Association (VITAS) and Chairman, Vinatex says, since the COVID-19 situation is still intense and consumption is declining in Vietnam’s major export markets like the U.S., EU, and Japan, many local firms have shifted to producing items for common use with reasonable price tags.

 

VITAS expect consumption to reach 2019 levels in the third quarter of 2022. However, slow recovery can delay this to 2023-end. Total aggregate demand for textile and apparel products has declined by 22 percent globally.

 

According to Vinatex, many firms in the sector have signed orders until the end of April. Similarly, new orders for knitwear and items have been placed until July and August.

 

Source: fashionatingworld.com