Vietnam's economic growth, textile and clothing exports to increase new targets!

Release time:

2023-02-01

Vietnam's gross domestic product (GDP) exploded by 8.02 percent in 2022, a growth rate not only the highest since 1997, but also the fastest among the top 40 economies in the world in 2022.

Data released recently showed that Vietnam's gross domestic product (GDP) exploded by 8.02 in 2022. This growth rate not only set a new high for Vietnam since 1997, but also grew among the top 40 economies in the world in 2022. The fastest.

Many analysts point out that this is mainly due to its strong exports and domestic retail industry. According to data released by the General Administration of Statistics of Vietnam, Vietnam's exports reached 371.85 billion billion US dollars (about 2.6 trillion yuan) in 2022, an increase of 10.6 percent, while the retail industry increased by 19.8 percent.

Such results in the global economy are facing challenges in 2022 is even more "scary", in the eyes of Chinese manufacturing practitioners once hit by the epidemic, has also raised concerns that "Vietnam will replace China as the next world factory.

Vietnam's textile and footwear industry exports to reach about $108 billion by 2030

Hanoi, Yuetong Society-According to the strategy of "Development Strategy of Textile and Footwear Industry to 2030 and Outlook for 2035", Vietnam's textile and footwear industry will strive to achieve an average annual growth rate of 6.8-7% in exports from 2021 to 2030, and the export amount will reach about 108 billion US dollars by 2030.

In 2022, Vietnam's textile, clothing and footwear exports totaled US $71 billion billion, the highest level in history.

Among them, Vietnam's textile and clothing exports reached US $44 billion billion, an increase of 8.8 percent over the same period last year, while footwear and handbags exports reached US $27 billion billion, an increase of 30 percent over the same period last year.

The Vietnam Textile Association and the Vietnam Leather, Footwear and Handbag Association said that Vietnam's textile, clothing and footwear industry has a certain position in the global market. Despite the global recession and the decline in orders, Vietnam still wins the trust of international importers.

In 2023, Vietnam's textile and garment industry proposed a target of 46 billion -47 billion US dollars in total exports in 2023, while the footwear industry strives to make exports reach 27 billion -28 billion US dollars.

Opportunities for Vietnam to be deeply embedded in global supply chains

Although Vietnam's export enterprises will be greatly affected by inflation at the end of 2022, experts say this is only a stage of difficulty. Enterprises and industries with sustainable development strategies will have the opportunity to be deeply embedded in the global supply chain for a long time.

Mr. Chen Fu Lu, Deputy Director of the Ho Chi Minh City Trade and Investment Promotion Center (ITPC), said that it is predicted that the difficulties in the world economy and global trade will continue until early 2023, and Vietnam's export growth will depend on the inflation situation of major countries, epidemic prevention measures and economic development of major export markets. But this is also a new opportunity for Vietnam's export enterprises to achieve the rise and continue to maintain the growth of commodity exports.
Vietnamese enterprises can enjoy tariff reductions and exemptions from various free trade agreements (FTAs) signed, especially the new generation of FTAs.
On the other hand, the quality and brand reputation of Vietnam's export commodities have gradually been affirmed, especially agricultural, forestry and aquatic products, textiles, footwear, mobile phones and accessories, and electronic products, which account for a relatively large proportion of the export structure.
The structure of Vietnam's export commodities has also shifted from the export of raw materials to the export of deeply processed products and high value-added processed manufacturing products. Export enterprises should seize this opportunity to expand the export market and increase the export value.
Alex Tatsis, director of the economic department of the US Consul General in Ho Chi Minh City, pointed out that Vietnam is currently the 10th largest trading partner of the United States in the world and an important node in the supply chain of essential commodities for the US economy.

Alex Tassis stressed that in the long run, the United States attaches particular importance to investment to help Vietnam strengthen its role in the global supply chain.

From materials to products, how to go the road of green development?

Return to List

How will the textile and chemical fiber industry break in 2023 under the dual pressure of high cost and low demand?

More information