The export value of Vietnam’s textile and garment sector in 2022 was up 14 per cent yearonyear.

After being heavily impacted by the Covid pandemic, textile and garment enterprises gradually recovered and were one of the key export industries that recorded extraordinary growth rates in the first months of 2022.

The US is the biggest import market of Vietnamese textile and garments and imports by the US were up seven per cent in 2022. It was followed by the European Union and Japan, which were up 34 per cent and 25 per cent. But although the industry saw positive export prospects in the first and second quarters of 2022, it began to face many difficulties in the last two quarters of the year as global demand for textiles and garments declined.

The export value peaked in August 2022 but the sharp decline in orders since September has been attributed to a reversal of the trend, causing the industry's export value to fall to 2022's lowest level in the last quarter. The total consolidated profit after tax in the fourth quarter of 2022 was down 63 per cent from the fourth quarter of 2021, amid high inflation and recession risks in the main export markets.