Global Perspective: Vietnam'S Textile And Garment Exports Increased By More Than 20%

According to the business performance report for the first half of 2022 released by Vietnam Cotton Spinning Association recently, Vietnam's textile and garment export volume reached 18.73 billion US dollars in the first five months of 2022, an increase of 20.81% over the same period in 2021. Among them, the export of fiber and yarn was 2.37 billion US dollars, with a year-on-year increase of 10%. China is the main export market of Vietnam's recycled yarn, accounting for nearly 60% of the total export.

The goal of Vietnam's textile and garment industry is to reach US $42-43 billion in 2022. It is reported that the top two markets for Vietnam's textile and garment exports are the United States and Europe. Due to the advantages of the basic conditions of Vietnam's industrial zone, the two major markets have increased the intensity of import from Vietnam year by year.

Vietnam's textile export advantage also comes from the international economic integration. In particular, the implementation of free trade agreements such as the comprehensive and progressive trans Pacific Partnership Agreement and the Vietnam EU free trade agreement has boosted the labor-intensive industries such as textiles and clothing in Vietnam. It is reported that Vietnam will take measures to upgrade automation and improve workers' skills, and strive to produce high-end products with higher added value.