The majority of garment businesses have received orders to be fulfilled until September-October and even beyond. However, prices continue to be impacted by the lingering market effects of 2022-2023.

The focal tasks for the remaining months of 2023 are to maximise all market opportunities, optimise production to increase productivity, and fulfill even small, discerning orders.

The textile and garment sector has predicted that difficulties will remain for its exports in the first half of 2023, but there are also silver linings it can pin hopes on.

Textile and garment businesses are facing pressure due to weaker purchasing power caused by mounting inflation and other global uncertainties.

Vietnam has surpassed the Republic of Korea to become the world’s sixth largest fibre and yarn exporter after shipping abroad 2.37 billion USD worth of these items in the first five months of 2022.

The Vietnam Textile and Garment Group (Vinatex) forecasts the country’s textile and garment exports will continue to decline by 14-18 percent each month for the rest of 2020 over the same period last year.

Ho Chi Minh City’s exports in the first eight months of 2018 hit 24.6 billion USD, an increase of 6 percent from the same period last year, reported the municipal Department of Industry and Trade on September 4.

Vietnam expects to continue growth of textile and garment exports to the Republic of Korea by the end of the year after strong results in the first seven months of 2018, according to the General Department of Customs.

Vietnam’s textile and garment exports this year are estimated to reach 28.5 billion USD, meeting roughly 92 percent of the set plan due to market difficulties.