Due to the persistently low worldwide demand, Vietnam’s textile and apparel exports are predicted to fall by 5–6.3% in 2023, reaching a range of US $40.5 billion to US $41 billion.
It’s important to note that Vietnam’s exports of clothing and textiles brought in around US$44 billion in revenue in 2022.
Only cellphones and electronics are Vietnam’s top export commodities, with textiles and apparel coming in third.
Vu Duc Giang, the chairman of the Vietnam Textile & Apparel Association, stated that the lack of a global economic recovery has limited consumer spending on apparel and other goods.
Vu underlined that this issue impacts not just Vietnam but the global textile and apparel sector as a whole.
Many textile and apparel companies have been forced to cut output and lay off thousands of people due to a shortage of orders throughout the year.
However, Giang noted some encouraging indicators, and he anticipates that this pattern will hold through 2024. He pointed out that, in comparison to the 17% loss in the first half of the year, Vietnam’s textile-related exports decreased by 13.5% during the first nine months of the year.
