Textile and garment orders in Vietnam witnessed a rise early this year after COVID-19 vaccination started on a large scale. Enterprises in the sector expect market opportunities will help the industry overcome its difficulties and gradually restore revenue levels to that seen before the outbreak of the pandemic. This has helped boost the export turnover of the industry.
Hung Yen Garment Corporation’s revenue fell by about 5 per cent in 2020 compared to 2019. However, orders were back in early 2021, according to a report in Vietnamese newspaper.
Nguyen Xuan Duong, chairman of the Hung Yen Garment Corporation Nguyen Xuan Duong said his company now has orders to fulfill until the end of July, focusing on the US market, Europe and Japan.
In the yarn sector, although the beginning of the year is not the usual time demand for textiles goes up, orders made for the first six months of 2021 at the DalatWorsted Spinning Company have been nearly equivalent to the last six months of 2020.
Statistics from the Ministry of Industry and Trade show that total export turnover of textiles and garments reached $5.954 billion in the first two months of 2021, while import turnover reached $3.167 billion. Thus, the industry reported a trade surplus of $3.299 billion, while the added value of the industry has been quite high at 55.4 per cent.
Chairman of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong said that despite the presence of the pandemic, the world textile and garment market has gradually returned to a vibrant state. Although the number and prices of products have yet to return to the levels seen in 2019, market signals in the first quarter of 2021 show the industry’s targets set for entire 2021 is feasible.
The country’s textile and garment industry aims to achieve an export revenue of about $39 billion in 2021.