Vietnam’s earnings from textile and garment exports fell 30 per cent in January 2023.

The main factors affecting the country’s garment and textile sector this year include high interest rates and inflationary pressures and the difficulties are likely to linger until mid-2023. So Vietnam’s enterprises are investing in material supply chain and automation technology while relying less on international markets and further exploiting the domestic market.

Vietnam’s largest export markets include China, Japan, the European Union, South Korea and the United States.Vietnam’s garment, textile and footwear sector was able to achieve double-digit growth in 2022. High inflation in the majority of major Vietnamese markets such as the United States and the EU will have an impact on the furniture, garment and textile, footwear, electronics, and plastics sectors, moving forward.

With a decline in the number of orders, the export market for the textile, garment and footwear industry is therefore forecast to remain quiet until the end of the first quarter of the year.As the major export industries of the national economy, the textile and footwear industry has decided to retain skilled workers, promote investment in the production of raw materials and auxiliary materials, focus on producing artificial fabrics, as well as encourage the production of domestic yarns.