The value of Vietnam;s garment and textile exports increased by 23.5 per cent to $18.7 billion during the first five months of this year.

As per Nam Định Textile and Garment Corporation (Natexco), its revenue increased by 23 per cent during the period to VNĐ1 trillion.

At present, the corporation has orders to produce until the end of September. It is also continuing to negotiate with partners about year-end orders.

Besides that, Natexco will continue to restructure its resources for becoming a textile centre in the northern region, meeting the demands of the domestic market and exports.

Dau Phi Quyet, Deputy General Director, ViệtThắng Corporation, adds, despite many difficulties and challenges, the corporation generated 25 per cent more revenues and 35 per cent more profits during the period

So far, the corporation’s raw materials and accessories supplies have been stable.

However, importing spare parts, equipment and supplies from Europe would take 12 to 20 weeks, higher than the 6-8 weeks before. If this situation does not improve, it would affect its production and export plans.

Meanwhile, Le Tein Truong, Chairman, Việt Nam National Textile and Garment Group (Vinatex) said that Vinatex gained a growth of 50 per cent in revenue during the first quarter of 2022.

However, Vinatex also faced many challenges impacting negatively on the domestic textile industry as well as the group in the first quarter, including the Russia-Ukraine conflict and a reduction in the economic growth of developed regions like the US and EU.

Experts believe, to promote the export of textile and garment products, enterprises must continue investment in expanding production facilities and proactively supply materials and auxiliary materials to meet rules of origin and take export opportunities from new-generation free trade agreements In addition, market research should be promoted to develop short- and long-term strategies and goals. Risk management is also a top priority.