Vietnam’s textile and apparel industry finds it difficult to achieve export target of US$100 million

According to a recent report by Vietnam’s “Material Market and Price” magazine, Fan Xuanhong, vice chairman of the Vietnam Textile and Garment Association, said that the export volume in November this year was only US$1.3 billion, a month-on-month decrease of 3.4%; the cumulative exports in the first 11 months were US$13.78 billion. . Therefore, the textile and apparel industry’s annual export target of US$17 billion will be difficult to achieve. The main reason is that imports from the European market have dropped significantly, down 15% year-on-year. On the other hand, the shift of orders from high-end goods to mid- and low-end goods has also caused export growth to be lower than expected.
Currently, textile and apparel companies are in the negotiation stage for orders for the first quarter of 2013. Many companies have signed orders with customers for the first quarter or even the second quarter of next year, and their prices have increased by 5-7% compared with the previous year due to rising production costs.