Vietnam'S Textile And Clothing Trade Hit A Record High In Half A Year

According to a number of Vietnamese media reports, the chairman of the Vietnam Textile & Apparel Association said that in the first half of 2022, the export volume of Vietnam's textiles and clothing products was about 22 billion US dollars, an increase of 23% over the same period of last year, setting a record high.

The export volume of silk thread used for clothing production is also increasing. It is estimated that the total export volume from January to June this year will be 3 billion US dollars, compared with 5.6 billion US dollars in the same period last year.

At present, Vietnam is the world's second largest clothing exporter after China. Affected by the Sino US trade war, some manufacturers moved their orders from China to Vietnam to avoid the cost increase caused by the imposition of additional tariffs.

Local reports said that although Shanghai, China's epidemic blockade led to slower procurement of some materials, the overall export volume increased thanks to the conclusion of several free trade agreements with the European Union.

In addition, Vietnam's accession to the comprehensive and progressive trans Pacific Partnership Agreement (cptpp) also contributed to the record growth of Vietnam's exports. Vu Duc Giang, President of Vietnam textile and Garment Association, pointed out that cptpp has promoted the growth of Vietnam's textile industry in the past five years.

Vietnam's textile industry officials pointed out that despite the stagnation of fabric procurement from China under the strict epidemic prevention policy, many manufacturers have quickly prepared inventories in order to minimize the negative impact of insufficient procurement on production.

The rise in resource prices caused by the Russo Ukrainian war also posed challenges to Vietnamese textile and garment manufacturers, which Vu Duc Giang said increased overall production costs.

Meanwhile, Vietnam textile and Garment Association expects orders from the United States and Europe to be affected in the second half of 2022.