(First 2 months of 2022)
Worldon Vietnam Company Limited, Regina Miracle International Vietnam, and Regent Garment Factory Limited are Vietnam’s top three textile and garment exporters in the first two months of 2022, all reaching over 90 thousand USD in turnover.
According to preliminary statistics, Vietnam's textile and garment exports in March 2022 were estimated at 3.0 billion USD, up 45.8% compared to February 2022 and 10.0% higher than March 2021.
In the first quarter of 2022, Vietnam's textile and garment exports are estimated at 8.637 billion USD, up 19.7% over the same period in 2021.
According to the General Department of Customs statistics, Vietnam's textile and garment exports in February 2022 reached 2.06 billion USD, down 42.4% compared to January 2022 and up 12.7% over January 2021.
In the first two months of 2022, Vietnam's textile and garment exports reached 5.636 billion USD, up 25.6% over the same period in 2021.
In February 2022, Vietnam's textile and garment exports to most markets increased by double digits compared to February 2021, of which exports to the largest market, the US, increased by 16.2%; exports to the members of CPTPP increased by 10.4%; EU increased 20.5%, etc.
In the first two months of 2022, Vietnam mainly exports textiles and garments to the US market, accounting for 51.8% of the total turnover.
In general, exports of textiles and garments to most markets increased in the first two months of 2022, of which exports to the US market increased sharply, up 31.4% over the same period in 2021.
The textile and garment industry expects a successful production year in 2022, completing the export target of more than 43 billion USD because so far, most businesses have had orders until the end of the third quarter of 2022.
It is forecast that the global textile and garment industry will improve by 2.7%, an increase of about 20 billion USD, the global GDP will increase by about 4.1%, the trade will increase by about 7 %, and inflation by about 3%.
On this basis, Vietnam's textile and garment industry target set for 2022 is to reach about 43 billion USD. Vinatex alone sets a general growth target of over 8%, in which the value-added ratio and the rate of return on capital must be between 20-25%.
The textile and garment industry also updated three scenarios for the export of the textile and garment industry in 2022.
In a good scenario, the Russia-Ukrainian conflict will end soon in March. Sanctions will be lifted, and oil prices will drop to the threshold of 90 USD/barrel. The world economic growth will reach 3.8-4%, and inflation will be high. With global growth at 3.6%, the world's textile and garment import demand may increase slightly by 1-2%. At that time, Vietnam's textile and garment export turnover can reach about 41-42 billion USD.
In a medium scenario, the Russia-Ukrainian conflict will cool down. Sanctions will remain in place, oil prices will be around 100 USD/barrel, global growth will be at 3.5%, global inflation at 4%, and the world textile and garment import demand will decrease from 0% to 2%. At that time, Vietnam's textile and garment export turnover will be about 39.5-40.5 billion USD, equivalent to 2021.
In a bad scenario, the Russia-Ukraine conflict will last longer, and political tensions will remain between big countries, widening the scope of sanctions policies. The world economy will decline in developed countries, and the world textile and garment demand may decrease by 2-4%. At that time, Vietnam's textile and garment export turnover was only 38-40 billion USD.
Compiled by VietnamCredit
