Economic Observation: Vietnam'S Textile And Garment Industry Contributes Most To Export Growth

According to the statistics of Vietnam's General Administration of industry and commerce, the net export of Vietnam's textile industry and Commerce increased by more than US $30.5 billion, up by US $0.3 billion compared with that of Vietnam's textile and industrial and commercial bureau. Overall, in the first quarter of this year, the export of textile and clothing reached US $8.68 billion, a year-on-year increase of 20.3% and a net increase of US $1.46 billion. This is the highest increase in the same period since 2012.

It is worth noting that textile and clothing was the largest commodity category contributing to Vietnam's export growth in the first quarter, with an increase of US $1.46 billion (accounting for nearly 14% of Vietnam's newly increased exports).

In the first quarter, the United States continued to become the largest textile and clothing export market in Vietnam with an import volume of US $4.36 billion, with a year-on-year growth of 24.2%, accounting for 50.3% of Vietnam's total textile and clothing exports.

Other major markets: exports to the EU amounted to $896 million, up 31.4%; Exports to Japan totaled $771 million, down 2.9 percent; Exports to South Korea reached US $754 million, up 6.9%.

In addition to textiles and clothing, Vietnam's textile industry has witnessed remarkable growth in two other categories of exports: fibers, yarns and drapery fabrics, and technical fabrics.

Among them, the export of fiber and yarn in the first quarter was 1.45 billion US dollars, with a year-on-year growth of 18.9%; The export of curtain fabrics and technical fabrics exceeded 700million US dollars, an increase of 26.5%.

So far, in the first quarter of this year, the export volume of three major categories of textile and clothing industry reached 10.85 billion US dollars, achieving more than 25% of the annual export target of 2022. It is estimated that the export volume of textile and garment industry will reach 42-43.5 billion US dollars in 2022.

(business office of Consulate General in Ho Chi Minh City)