Apparel / Textiles & Accessories

According to customs data, Vietnam's clothing exports from January to May this year were US $12.3 billion, down 17.8% year-on-year, mainly due to the reduction in global demand. According to the customs data, in 2022, the export of textiles and clothing became the second largest source of foreign exchange earning in Vietnam, second only to mobile phones and electronic products.

According to the customs data, Vietnam's textile and clothing exports in 2022 were US $44billion, which played a vital role in Vietnam's economic growth. However, Vietnamese industry insiders also said that the decline in orders and prices of end products had a huge impact on manufacturers' profits. At the same time, according to customs data, the devaluation of Vietnam's currency has also increased the cost of importing raw materials, bringing difficulties to garment exporters to complete orders, especially the high price contracts signed in the early stage.

In addition to the above factors, Vietnam's low-cost advantage is also weakening. Customs data show that the average monthly wage of garment factory workers has been around us $300, while the global average is US $200.