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Export of textiles, garments and footwear sets a record of US$71 billion

In 2022, the textile and garment & footwear industries brought in an export turnover of US$71 billion, the highest level ever.

Source: Internet


The textile and garment and footwear industry brought in an export turnover of $71 billion in 2022. In which, textile and garment reached $44 billion; footwear - handbags reached $27 billion.


The Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) said, 2022 is a challenging year for the industry in the face of declining global economic pressure and high inflation in many major economies.


Especially, in the second half of the year, difficulties and inflation affected global purchasing power, causing orders of businesses to drop. However, the textile and footwear industry still achieved double-digit growth.


The production, business and export targets for 2022 have been completed with good growth, but this does not guarantee that the textile and footwear industry will maintain its growth in 2023.


The production, business and export targets for 2022 have been completed with good growth, but this does not guarantee that the textile and footwear industry will maintain its growth in 2023.


High inflation in most of Vietnam's major markets such as the US and EU... affects the consumption of non-essential goods. The most affected export sectors are furniture, textiles, footwear, electronics, plastics, and plastic products.


In 2023, the textile and garment industry aims to export about US$46 - US$47 billion, while the leather and footwear industry strives to reach US$27 - US$28 billion.


In the long term, textile and garment and footwear are still the main export industries of the economy. Development strategy of the textile, garment and footwear industries until 2030, with a vision to 2035, has just been approved by the Government. The strategy sets a target that in the period of 2021 - 2030, the average growth rate of textile and footwear exports in the period of 2021 - 2030 reach 6.8 - 7% per year. In which period 2021 - 2025 reach 7.2 - 7.7%/year. The total export turnover of the two industries in 2025 will reach US$77 - US$80 billion, and in 2030 will reach US$106 - US$108 billion.


Notably, the textile, garment and footwear industry continues to promote investment in the production of raw materials and auxiliary materials, supporting industries for the textile, garment and footwear industries; paying attention to the production of fabrics, artificial fabrics, and leather, and encouraging the production of fabrics from the domestically produced fiber.

(VTV)



TEXTILE AND GARMENT & FOOTWEAR INDUSTRY REPORT - 12/2022




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