Textile and garment industry is one of Vietnam's main export industries.With the development of technology,the proportion of highly skilled labor force is increasing,and with the encouragement of local government policies,Vietnam's textile and garment industry has made great achievements,creating most of the export value and ensuring domestic consumption and export demand.

The export capacity of Vietnam's textile and garment industry is very impressive.Since 2013,textiles and clothing products have been ranked second (after mobile phones).As a major exporter of textiles and clothing in the world,in 2021,Vietnam's textile and clothing market share ranked second in the world after China,accounting for 5.1% of the global total demand.

Exports in the first quarter

In February 2022,Vietnam's textile and garment exports to most markets increased by double digits compared to February 2021,of which exports to the largest market,the US,increased by 16.2%;exports to the members of CPTPP increased by 10.4%;EU increased 20.5%,etc.

Generally speaking,in the first two months of 2022,the export of textiles and clothing to most markets has increased,among which the export to the US market has increased substantially,up by 31.4% compared with the same period in 2021.In March 2022,Vietnam's textile and clothing export sales amounted to USD 3 billion,an increase of 45.8% over February 2022 and 10.0%over March 2021.

Vietnam's textile industry is optimistic

In 2022,the global textile and garment industry is expected to grow by 2.7%,with an increase of about USD 20 billion,the global GDP by about 4.1%,trade by about 7% and inflation by about 3%.

On this basis,Vietnam's textile and garment industry aims to reach about $43 billion in 2022.In this regard,Vietnam's textile and clothing industry is optimistic.So far,most Vietnamese enterprises have orders before the end of the third quarter of 2022.Vietnamese textile and garment professionals also made some predictions about the export of Vietnam's textile industry in 2022.Optimistically,with the end of international conflicts,the oil price will drop to $90/barrel.The world economic growth will reach 3.8-4%,and the world textile and garment import demand may increase slightly by 1-2%.By then,Vietnam's textile and garment exports will total 41-42 billion US dollars.Therefore,Vietnam's textile industry has also put forward the goal that the total export volume will reach 42-43.5 billion USD in 2022.

However,Vietnam's textile and garment enterprises are also facing a series of challenges,such as the transportation cost is three times higher than the average level of the past five years.

But,a positive signal is that major markets such as the United States and the European Union have been reopened,which are important export destinations of Vietnamese clothing.Vietnam's participation in the FTA has also come into effect,and Vietnamese textile and garment enterprises will also have more opportunities to expand their markets.