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Vietnam’s textile, garment and footwear exports see 30% rise in H1

Vietnam’s textile, garment and footwear exports witness a sharply 30% YoY growth in the first half (H1) this year. According to the official data the country’s garment and textile export turnover has reached $18.65 billion in H1 ’22.

Vietnam textile, garment and footwear exports 30%-growth-2022
Figure: Workers at a garment factory on the outskirts of Hanoi. Vietnam’s garment and textile industry is a key contributor to the economy, accounting for 15 percent of GDP and employing more than 7.7 million people in 4,000 enterprises. Courtesy: AFP

Officials say that this is highest-ever H1 export value made by Vietnam in the textile and apparel.

Despite the highest growth, the HSBC report displayed that in H2, a slower-than-anticipated pace has been witnessed. While the Vietnam Textile and Apparel Association (VITAS) estimate the sum ordered will drop in the months ahead. In July Vietnam’s import growth slowed down to only 3.4% due to inferior energy prices, thereby plummeting import orders of such commodities as steel, coal and crude oil.

Though, in the second half of 2022, Viet Dragon Securities JSC (VDSC) predicts that the demand for textiles and garments will tend to decline due to high consumption in 2021, while inflation is cutting commons spending on redundant products.

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