Vietnam’s textile and garment exports decreased by 27 per cent in September 2022.

Exports to China, South Korea, Japan, the US, and Europe showed a steep drop because of weaker purchasing power due to rising inflation and uncertainties especially the Russia-Ukraine conflict and material price fluctuations. The exchange rate is expected to continue to drop in the second half of 2022, negatively affecting businesses, particularly those with high expenses calculated in dollars.

As of now Vietnamese enterprises are seeking ways to diversify material supply sources as well as export markets because when material sufficiency is ensured, they can boost shipments to many markets, thus helping guarantee production stability, supply chain, and sustainable exports. The value of Vietnam’s textile and garment exports in the first nine months of 2022 was up 21 per cent over the same period last year.To achieve the result, textile and garment enterprises made great efforts to cope with the challenges of the market. They did not depend on the five traditional export markets, the US, Europe, Japan, South Korea and China, but also expanded exports to Russia and some other countries.In Europe, they not only focused on a few large export markets such as Germany, France, Spain and the UK, as in the past, but also expanded exports to other countries in the EU.