Vietnam's textile-garment exports may touch $48 bn in 2023

In the positive case scenario, global market instabilities will be regulated, and all activities of the textile-garment sector may have recovered by the end of the first quarter (Q1). In the middle case scenario, instabilities and inflation will continue and interest rates will still rise until Q3 with exports remaining unchanged compared to 2022. Finally, in the worst-case scenario, the world economy could face a recession and revenue for 2023 could decrease by 5 per cent annually, Vietnamese media reports said quoting VITAS.

As international markets currently are not placing long-term textile and garment orders, businesses can shift to the production of lower value items. As businesses first began to diversify markets and products in 2022, growth was still maintained. Experts are optimistic about the coming year with the Asia-Pacific region projected to be the fastest-growing region in 2023, a drop in logistics expenses, and China easing the zero-COVID policy, among other factors.

The Vietnam National Textile and Garment Group (VINATEX) predicted its 2022 consolidated revenue to be more than 19.53 trillion VND ($826.84 million), which is 8 per cent higher than the target and a 15 per cent increase from 2021. The group calculated its consolidated profit at over 1 trillion VND, which is a 14.6 per cent rise from the target.

“In the best-case one—the global economy will have become stable and geopolitical conflicts been over by the end of Q2 exports this year may go up 4–5 per cent from 2022,” said VINATEX president Le Tien Truong.

Fibre2Fashion News Desk (NB)