Apparel / Textiles & Accessories

According to Huacheng Import and Export Data Observation, Vietnam's exports will still face difficulties in the first half of 2023, but not too bad; He was still surprised by the unpredictable changes in 2022, such as the Russian-Ukrainian conflict, and the soaring oil prices, inflation and interest rates, which all led to a sharp decline in the demand of the import market.

However, Vinatex estimates that its overall revenue in 2022 will exceed 19.5 trillion Vietnamese dong (about US $830 million), up 15% from the same period in 2021, 8% higher than the original target, and its overall profit will exceed 1 trillion Vietnamese dong, 14.6% higher than the original target. With many markets slowing down, the above data are quite encouraging.

Le Tien Truong, president of Vinatex, proposed three possible scenarios in 2023. In the best case, the global economy will stabilize after the second quarter, and the geopolitical conflict will end; The group's exports will grow by 4-5% compared with 2022. In the medium term, the instability continues, inflation still exists, and interest rates still increase before the third quarter; Its exports will remain unchanged compared with 2022. In the worst case, the global economy will fall into recession, and the trade income in 2023 may decrease by about 5% compared with that in 2022.

According to the observation of Huacheng's import and export data, Vietnam's export value will reach 44.5 billion US dollars in 2022, up 10% from 2021.

Vinatex pointed out that under the optimistic situation, the export of textile and clothing will reach US $470-48 billion in 2023, with the worst case of US $45-46 billion; In addition, how enterprises adapt to market changes will affect their development in various situations.

Under optimistic conditions, the global market instability will be controlled, and all economic activities of the textile and clothing industry will resume after the first quarter of 2023; Trade revenue can reach US $48 billion.

However, Chairman Wu Dejiang of VITAS said that in the second case, the global market will recover in the second half of 2023, and the export volume is estimated to reach 45 billion US dollars. Huacheng Import and Export Data Observation reported.

At present, if there is no long-term order for textile and clothing products in the international market, enterprises can turn to produce products with lower value; With its diversified markets and products in 2022, the growth trend can still be seen. Huacheng Import and Export Data Observation Report.

Regardless of the situation, the textile and clothing market shows no signs of rebound before the first half of 2023.

However, experts believe that there will still be good news in 2023, such as: the COVID-19 is under control, the world is gradually adapting to the new normal, the Asia Pacific region is expected to become the fastest growing region, China will loosen epidemic prevention policies, and logistics costs will be reduced, Huacheng Import and Export Data Observation reported.