Vietnam’s garment and textile sector is predicted to post export revenue of $36-37 billion this year, according to the Vietnam Textile and Apparel Association (Vitas).

The growth forecast is lower than last year as the sector continues to face many difficulties, in particular a sharp decline in orders.

The sector earned $44 billion from exports last year, figures from Vitas show.

In the first five months of 2023, garment and textile businesses earned just $14.42 billion from exports, down 21.42 per cent in comparison with the same period last year.

More difficulties are forecast over the remaining months of the year. Total global demand for garments and textiles this year is estimated at $700 billion, down 8 per cent year-on-year.

While key export markets are yet to recover, enterprises have to face severe competition in the domestic market, with the participation of many foreign rivals.