Tag: textile and garment

The exhibition featuring the latest automated, digitalised, and advanced machinery in the textile and garment sector.

Vietnam’s textile and garment exports are in good shape as orders surge, with strategic market shifts, free trade agreements, and technological advancements setting the industry up for continued growth in 2025.

Total investment capital estimated at $203 million.

Exports rise 8% year-on-year in the first ten months of 2023.

VIATT 2023 expected to attract 500 domestic and international exhibitors and 35,000 visitors from February 28 to March 1 next year in HCMC.

Sustainable development key to boosting competitiveness.

Sector’s export revenue topped $44 billion in 2022.

Vietnam National Textile and Garment Group estimates 2022 consolidated revenue at over $826 million, up 15 per cent.

According to the Vietnam Textile and Apparel Association (VITAS), textile and garment exports reached $22.3 billion in the first half of 2022, up 17.7 per cent year-on-year. Exports in the second half are expected to reach $20-21 billion, bringing the total to $42-43 billion for the year as a whole.

Market fluctuations and rising inflation around the world since the middle of the second quarter have slowed down textile and garment exports. Textile enterprises are also facing problems from a lack of raw materials, labor shortages, and rising costs from escalating gasoline prices. In the long term, the response of the garment industry is to prioritize measures to keep labor supply stable and flexibly change products.

SSI Research has forecast that revenue growth at textile and garment manufacturing companies in Vietnam will fall over the second half of 2022 and into 2023, due to shortened order times. Yarn, fabric, logistics, and labor costs are also expected to remain high as oil prices increase and workforce competition impacts supply chains.

Low workplace productivity and its low proportion of value in global value chains due to limited capacity in innovation, competition, technology transformation, finance, and management experience count among the major difficulties faced by small and medium-sized enterprises (SMEs) in the textile industry. Analysts have said that SMEs should gradually shift from outsourcing to production to add value or focus on investing in “small but fine” products.

Securities in Vietnam’s textile and garment sector increased 111 per cent last year, and the Vietnam Textile and Apparel Association has forecast a positive 2022, with export turnover rising 10 per cent to $43 billion. SSI Research, however, has estimated that most garment manufacturers will see lower gross profit margins compared to 2021 due to high fabric input costs in the first half of the new year.