Vietnam’s garment exports will rise by nine per cent this year. The US is the biggest importer of Vietnamese garments and textiles, followed by South Korea and Japan and China.

Vietnamese garment and textile manufacturers saw declining orders in the second half of this year due to weakening global consumption and rising inflation. The falling orders and low price situation, however, will likely continue until the first or second quarter next year.

Vietnam’s earnings from exporting textiles and garments in the first 11 months of 2022 were up 18 percent from the same period last year. In November 2022 alone, however, Vietnam’s textile and garment export earnings decreased eight percent year on year. Inflation, currency devaluation and decrease in purchasing power of major countries are among the risks for Vietnam’s textile and garment sector. These factors have forced Vietnamese textile and garment enterprises to seek and diversify export markets.

Despite difficulties, many businesses are still growing in production. The country’s textile and garment industry is hopeful of meeting its export targets this year. In 2021, Vietnam’s export turnover from textile and garment products was up nine percent from 2020. Vietnam’s textile and garment exports rose by 21 per cent during January 2022 to October 2022.