Vietnam’s textile-garment industry is expected to earn $40 billion in exports in 2022, when the COVID-19 pandemic is expected to ease in Vietnam and across the world, according to industry experts. Pham Xuan Hong, chairman of the Ho Chi Minh City Textile, Garment, Embroidery, Knitting Association, said businesses have received relatively abundant orders for the last three months while manpower changes are not too big, which augur well for recovery.
HCM City-based Viet Thang Jean Co. Ltd has resumed operations since the start of October and is striving to produce 1.2 million products for export to eight European countries. Its apparel products have been shipped to Europe for sale in the Christmas and New Year holidays, it said. It has received orders for production until the end of June 2022, a Vietnamese newspaper reported.
The Vietnam National Textile and Garment Group (Vinatex) feels out of three scenarios, in the first, in which production resumes in the fourth quarter of this year and Q1 of 2022 and more than 80 per cent of workers return to factories, exports may reach $40 billion, higher than the revenue of $39 billion in 2019 a Vietnamese newspaper reported.
In the second scenario, in which production resumes in Q4 of 2021 and Q1 next year but only more than 70 per cent of workers come back, and the number of returning workers increases by 10 per cent quarter on quarter, overseas shipments may reach $38 billion USD.
In the third, if production is unable to regain complete stability in Q1 next year, and less than 60 per cent of workers return to their workplace, and the number rises by 10 per cent quarter on quarter, exports would reach only $36 billion, according to Vinatex.