Vietnam News Agency Predicts That Vietnam'S Textile And Clothing Industry Will Still Face Many Difficulties In 2023

Hanoi, Vietnam News Agency - It is predicted that Vietnam's textile and clothing industry will still face many difficulties in 2023, because there is almost no sign of recovery in world demand. In order to cope with this situation, many enterprises have formulated plans to "overcome difficulties".

Identify challenges

In 2022, Vietnam's textile and clothing exports will reach 44 billion US dollars, up 8.8% year on year. The target of textile and clothing industry in 2023 is to export 470-48 billion US dollars.

This year, however, the situation is different. All textile and clothing enterprises generally believe that the demand in both the export market and the domestic market is weak, and the order situation in the first half of 2023 is not optimistic, which is due to the inflation concerns still exist and the inventory is at a high level.

Enterprises with the United States and the European Union as the main source markets are more seriously affected. Fan Wenjie, chairman of Yuesheng Jean Co., Ltd., predicted that in the spring and summer of 2023, the number of orders in the first quarter would drop by 20%, and commodity prices would tend to fall.

Chen Wengui, the general manager of Zhonggui Textile and Garment Enterprise, said, "The orders in January and February are slowing down, but we are still trying to ensure that the factory operates at 70% capacity and exports goods to Japan, South Korea, Australia, Europe and the United States."

On the other hand, clothing orders in the domestic market, especially in the first and second quarters, fell sharply, because this is not the peak clothing season of the year.

Exploit niche market

In order to overcome the difficulties in the first half of 2023, many enterprises have formulated many export growth plans.

Fan Guangying, manager of Dony Textile Enterprise, said that recently, the company has found new niche customers and launched more new products for traditional customers.

Fan Guangying said, "In 2022, I have gone abroad for business trips to discuss with customers in Europe and the Middle East, and also with many customers in the United States. Therefore, I signed many new orders to ensure stable production in the first half of 2023. The orders of new customers have made up for all the decline, and the current order volume has been equivalent to the level of the same period in 2022."

Chen Wengui said that in the US market, Chinese enterprises have realized the transformation from traditional products to green products and environment-friendly products.

In addition, in order to find niche markets and new products, Sinogy has striven to obtain international standard certification by rebuilding factories, conducting staff training, and inspecting the quality of machinery and equipment.

In addition to developing niche markets, textile and garment enterprises also pay more attention to the domestic market. Yuesheng Jean is receiving domestic online purchase orders on e-commerce and social networking sites. (