- Your Consultant
- Green Growth
|Textile and footwear exports to the US, the EU, and Southeast Asia have grown strongly|
In the first four months of 2022, the two major industries that contributed to Vietnam’s total export value have recovered faster than expected in terms of production and export performance.
Their combined export value surpassed $19 billion, of which the textile sector counted nearly $11.9 billion, up 22.5 per cent on-year, and that of footwear reached $7.32 billion, up 12.4 per cent on-year.
Vietnam’s textile export value to the US rose sharply to $6.6 billion, up 26.8 per cent on-year, corresponding to an increase of $1.26 billion. With this result, the US market contributed up to 59 per cent to the export value of this product.
|In 2022, the leather and footwear industry is set to reach an export target of $23-25 billion, up 10-15 per cent on-year while the textile sector aims to post $42.5-43 billion in total export value.|
The export value of this product group to the EU also increased significantly to nearly $1.3 billion, up 34.6 per cent on-year; to South Korea reached $1 billion, up 8.7 per cent; to Southeast Asia rose 32 per cent, reaching $662 million; and to Canada soared 57 per cent to $393 million.
Among the footwear export markets, the US witnessed the largest turnover touching $3.16 billion, accounting for 43 per cent of Vietnam’s total export turnover of this product group, showing a 20.6 per cent jump on-year.
The EU ranked second, counting more than $1.77 billion in total export value, accounting for 24.3 per cent of Vietnam’s total export value of the product, up 19 per cent on-year.
Exports to Canada picked up 37 per cent on-year, reaching $168 million, and Mexico $117 million, up 11.5 per cent. Two markets that recorded sharp declines were China, down 22 per cent and Russia, down 32 per cent, partly due to their specific indigenous conditions.
According to the Ministry of Industry and Trade, the domestic footwear industry has effectively availed of incentives associated with new-generation trade agreements.
In 2022, the leather and footwear industry is set to reach an export target of $23-25 billion, up 10-15 per cent on-year while the textile sector aims to post $42.5-43 billion in total export value.