Fri, 24 Mar 2023

HANOI, Feb. 6 (Xinhua) -- Vietnam earned some 2.5 billion U.S. dollars from exporting textiles and garments in January, down 30.7 percent year on year, according to the country's Ministry of Industry and Trade on Monday.

Its largest export markets included China, Japan, the European Union, South Korea and the United States.

The main factors affecting the garment and textile sector this year include high interest rates and inflationary pressure, and the difficulties are likely to linger until mid-2023, local newspaper Quan doi nhan dan (People's Army) reported, citing local businesses.

Chairman of the Vietnam Textile and Apparel Association Vu Duc Giang recommended enterprises invest in material supply chain and automation technology while relying less on international markets and further exploiting the domestic market.

It is forecasted that textile and garment exports may reach 47 to 48 billion dollars in the positive scenario for 2023 and 45 to 46 billion dollars in the lower-case scenario.

Vietnam earned approximately 37.5 billion dollars from exporting textiles and garments in 2022.

More Laos News

Access More

Sign up for Laos News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!