Apparel / Textiles & Accessories

Vietnam reported on July 28 that on July 27, Fan Chuncheng, CEO of Vietnam Textile and Apparel Group (Vinatex), said at the opening ceremony of the "2022 Textile and Apparel Industry-Equipment and Raw Materials International Exhibition" that due to inflation in some countries, Due to the decline in international market demand due to various reasons such as political turmoil, Vietnam's textile and garment industry will face many difficulties in the first few months of the year. At the same time, in addition to the sharp drop in cotton prices, the prices of other raw and auxiliary materials in the apparel industry continued to rise due to transportation factors. Some distributors are piling up large quantities of goods, both to address the backlog and face declining sales. Producers also face the difficulty of rising raw material prices against the backdrop of declining purchasing power.

Fan Chunhong, chairman of the Ho Chi Minh City Textile, Apparel and Embroidery Weaving Association, said that the textile and apparel industry is likely to face many challenges due to the tense situation in Russia and Ukraine and the increase in inflation, which has caused sales in the United States and Europe to decline.

According to the Vietnam Textile and Apparel Association, the goal set by the textile and apparel industry is that the export volume will reach 42 billion to 43 billion US dollars in 2022, and the export volume has reached 22 billion US dollars in the first six months of this year.