It Is Expected That Vietnam'S Textile And Garment Market Will Return To Its Pre Epidemic Level In 2023

According to Vietnam's "investment daily" on May 28, Li Jinchang, chairman of Vietnam textile and Garment Group, said that the current situation of Xinguan epidemic situation is complex, it is difficult to make a medium and long-term judgment on textile and garment exports, and can only predict the situation in 3-6 months.

At present, the textile and clothing export market demand has rebounded, but there is still a big gap compared with before the epidemic. Export orders increased rapidly in the first quarter, mainly due to the tense situation in Myanmar, and customers transferred their orders to Vietnam, which was driven by external factors rather than the change of business mode.

The strength of domestic enterprises is still unable to compare with foreign enterprises. The yarn market fluctuates greatly. In the past five months, the demand has recovered, but now it has shrunk. Both the export volume and the export amount have decreased by 10% month on month. At the same time, cotton, polyester fiber and other raw materials prices rose 5% month on month.

Affected by the epidemic, the production of six textile and garment exporting countries in South and Southeast Asia has stagnated. It is expected that Vietnam's export orders will increase in the second and third quarters, provided that Vietnam can control the current fourth round of epidemic. The epidemic situation in Europe has not been completely controlled, the epidemic situation in Japan has been complicated, and there are still many uncertainties in the international market. It is expected that the textile and garment market will return to the level before the epidemic in 2023.