Vietnam'S Textile Industry Will Not Achieve Export Target In 2020

Vietnam's textile and garment exports are expected to reach US $24.76 billion in the first 10 months, down 9.3% year-on-year, Vietnam's "industry and trade electronic news" reported on November 2. The annual export is expected to drop by US $33 billion to US $1 billion. Even if the textile and garment export market is recovering, it is still difficult to achieve the target set at the beginning of the year.

The textile and garment industry is the most serious industry directly impacted by the new crown pneumonia in Vietnam. The Vietnam textile and Garment Association said that the new crown pneumonia epidemic has caused a double blow to Vietnam's textile industry, including export difficulties and the interruption of import of raw and auxiliary materials from China.

Since March this year, demand in Europe and the United States has declined sharply, leading to the bleak export of Vietnam's textile and clothing. In the first quarter, the export volume decreased by 2%, while that in the second quarter decreased by 27%. Although it improved slightly in the third quarter, it is still facing difficulties. It is estimated that Vietnam's textile and clothing exports will reach 35 billion US dollars this year, a significant decrease of 10% compared with the same period last year.

Vietnam's Ministry of industry and Trade said that due to the shrinking consumer market, textile and garment enterprises have adjusted their product mix from traditional products to fast adaptive products, such as changing from high-end suits and high-grade shirts to work clothes, knitted garments and traditional shirts to maintain production and business activities.