Apparel / Textiles & Accessories

Vietnamese media reported on June 11 that in the first five months of this year, Vietnam’s textile and apparel exports totaled US$18.7 billion, a year-on-year increase of 23.5%. This reflects the efforts of enterprises to invest and increase the export of goods.

It is expected that the unpredictable market and the rising prices of raw materials will be a huge challenge for enterprises.

Therefore, companies need to be flexible and simultaneously implement multiple measures to promote growth and achieve established goals.

Duan Wenyong, director of the Organization Department of Nam Dinh Textile Joint Stock Corporation (Natexco) and chairman of the labor union, said that the company achieved impressive operating results in the first half of this year, with revenue of about 1.023 trillion yuan due to a number of strong solutions. VND, up to 101% of the annual plan and 123% of the same period last year. At present, the company's orders have been fully booked until the end of September, or even the end of the year.

This is a huge effort by the company in the context of the adverse effects of the new crown epidemic.

The deputy general manager of Yuesheng Corporation said that in the first quarter of this year, the company overcame various difficulties and challenges and achieved good business performance. The revenue reached 25% of the annual plan and the profit reached 35% of the annual plan.

Le Chin Chang, chairman of Vietnam Textile Group (Vinatex), said that in the first quarter of this year, the group achieved gratifying performance, operating efficiency increased by nearly 75% year-on-year, and total revenue increased by nearly 50% year-on-year. However, there were also many bad signals in the first quarter of this year, which brought many difficulties to Vinatex and even the Vietnamese textile industry, such as: geopolitical risks including the conflict between Russia and Ukraine, relations between Russia and the West, soaring raw material prices and transportation costs, etc. Therefore, enterprises must develop flexible solutions to respond and adapt to market conditions in a timely manner, so as to actively increase the production and export of goods.

In order to further increase commodity exports, enterprises need to continue to invest in expanding production sites, prepare sources of supply of auxiliary materials, actively meet the requirements of rules of origin, and seize the opportunities brought by various new-generation free trade agreements.