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Vietnam’s textile and apparel exports to decline 18 per cent: Vinatex

  

Vietnam’s textile and apparel exports in the second half of the year is poised to decline 18 per cent with total exports declining by 16 per cent year-on-year to reach approximately $32.75 billion, says Vietnam National Textile and Garment Group (Vinatex). According to a report released by the Ministry of Industry and Trade, textile and garment production in Vietnam increased by 7 per cent in July and by 1.8 per cent throughout the first seven months of the year. However, the epidemic caused numerous difficulties for textile and garment production, in addition to exports, largely due to a drop in export orders.

In July, local textile enterprises did not receive any orders for high-value products such as suits and high-end shirts during the previous two quarters. Moreover, the country’s production of medical masks and protective gear, goods that provided jobs for many garment businesses in the second quarter, declined due to an oversupply worldwide.

To make up for export order shortage, textile enterprises must exploit the domestic market. They should minimize the decline in sales and profits by managing production costs, maintaining product quality, and rearranging their production forces. Furthermore, they should identify their key workforce to maintain employment levels and income

 
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