Such exports were worth $3.4 billion in August—up by 5.5 per cent month on month, marking the fourth consecutive month the turnover has increased over the previous month.
The export values to the United States, the European Union (EU) and South Korea saw decreases of 22.4 per cent, 11.9 per cent and 3 per cent YoY in the eight-month period, reaching only $10 billion, $2.66 billion and $2.08 billion respectively.
The country’s textile and garment industry has shown several signs of recovery and scope for stronger growth in the last quarter this year despite a continued year on year (YoY) fall in export turnover in the first eight months, a domestic news agency reported.
Textile exports to the United States have seen remarkable recovery in recent months, noted Tran Ngoc Liem, director of the Vietnam Chamber of Commerce and Industry (VCCI)'s branch in Ho Chi Minh City.
The recent visit to Vietnam by US President Joe Biden, and the upgrade of bilateral relations to a comprehensive strategic partnership between the two countries offer good opportunities for Vietnam’s exports in general and its textile and garment exports in particular, he said.
As US garment stockpile has sharply fallen, companies there are likely to import commodities from several nations, including Vietnam. Latin American countries, especially Peru, Chile and Mexico, are also perceived as a potential markets for Vietnam textiles and footwear.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
