Tue, 31 Jan 2023

HANOI, Dec. 5 (Xinhua) -- Vietnam earned more than 34.5 billion U.S. dollars from exporting textiles and garments in the first 11 months of this year, up 18.5 percent from the same period last year, according to the country's Ministry of Industry and Trade on Monday.

In November alone, however, Vietnam's textile and garment export decreased 8 percent year-on-year to around 2.8 billion dollars.

Inflation, currency devaluation and decrease in purchasing power of major countries are among the risks for Vietnam's textile and garment sector, local newspaper Vietnam News cited President of the Vietnam Textile and Apparel Association Vu Duc Giang as saying.

Those factors have forced Vietnamese textile and garment enterprises to seek and diversify export markets. Despite difficulties, many businesses are still growing in production, he said.

The textile and garment industry would likely gain the export target of 42-43 billion U.S. dollars this year, he said.

In 2021, Vietnam recorded an export turnover of over 32.7 billion dollars from textile and garment products, up 9.8 percent from 2020, according to the country's General Statistics Office. Its largest export markets included China, Japan, the European Union, South Korea, and the United States.

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