VI
EN
Vietnam's fiber world export ranks 6th
Table Of Contents
Table Of Contents
The preliminary report of The Vietnam Cotton and Spinning Association (VCOSA) shows that Vietnam's exports of textiles, fibers, and fabrics... in the first five months of 2022 reached 18.73 billion USD, an increase of 20.81% over the same period in 2021.
In which, textile and garment exports reached US$ 14.99 billion (up 22.2%), fiber and yarn at US$ 2.37 billion (up 10%), and raw materials and accessories at US$ 979.8 million (up 19.2%).
With this result, VCOSA said that Vietnam has surpassed South Korea to become the sixth largest fiber exporter in the world.
According to an analysis by VCOSA, two leading importer of textiles and apparel worldwide, the United States and the EU, tend to reduce imports of textile materials from China while increasing imports from other countries. Besides, the participation in free trade agreements such as CPTPP, EVFTA, RCEP, ... will help Vietnam expand export market share of fibers, yarns, and textiles.
VCOSA's report also shows that, in order to get these opportunities and increase the export market share, many Vietnamese enterprises such as Hanoi Textile and Garment Joint Stock Corporation (Hanosimex), Joint Stock Company Phu Bai Yarn section, Huong Sen Comfor Textile Yarn Co., Ltd., Thai Tuan Group Joint Stock Company ... have increased new investment, expanded production to anticipate the shift of goods from China.
