Vietnam’s textile and garment exports to the EU are expected to decline by over 9 per cent to $40 billion this year.

Becoming the biggest importer from the country, the US imported textile and garment products worth $11 billion from Vietnam by September-end, show figures from the Vietnam Textile and Apparel Association(VITAS). The country’s achievement was followed by that of Japan, the EU, the Republic of Korea, Canada, and China.

However, in 2023, the Vietnam textile and garment industry faces significant challenges, adds the association. These include the lingering global impact of the COVID-19 pandemic and an accumulation of a large inventory due to a decline in demand, it affirms. 

To counter these, the industry needs to focus on diversifying markets, products, customers and partners, VITAS notes. 

In recent times, Vietnam gained a significant position in the global textile and apparel market by expanding its export base. Last year its textile and garments exports to the global market surpassed $44 billion.