Export revenue from garment and textile products is estimated to reach $40.3 billion this year, down 9 per cent year-on-year, according to the Vietnam Textile and Apparel Association (Vitas).

Exports stood at over $33 billion in the first ten months of the year.

Businesses have had to face a decline in orders from traditional markets since early in the year. However, they have continued to diversify markets and products to boost exports, Vitas Chairman Vu Duc Giang told a press briefing on November 23 to introduce a meeting next month to review the sector’s operations in 2023.

Garment and textile products from Vietnam have been exported to 104 markets this year, he said.

The US leads in terms of markets, with revenue in the first nine months totaling more than $11 billion, followed by Japan with $3 billion, the EU with nearly $2.9 billion, and South Korea with $2.43 billion.