According to data released not long ago, Vietnam’s gross domestic product (GDP) will grow explosively by 8.02% in 2022. This growth rate not only hit a new high in Vietnam since 1997, but also the fastest growth rate among the world’s top 40 economies in 2022. Fast.
Many analysts pointed out that this is mainly due to its strong export and domestic retail industry. Judging from the data released by the General Statistics Office of Vietnam, Vietnam’s export volume will reach US$371.85 billion (approximately RMB 2.6 trillion) in 2022, an increase of 10.6%, while the retail industry will increase by 19.8%.
Such achievements are even more “horrifying” in 2022 when the global economy is facing challenges. In the eyes of Chinese manufacturing practitioners who were once hit by the epidemic, there was also concern that “Vietnam will replace China as the next world factory”.
Vietnam’s textile and footwear industry aims to reach US$108 billion in exports by 2030
Hanoi, VNA – According to the strategy of “Textile and Footwear Industry Development Strategy to 2030 and Outlook to 2035″, from 2021 to 2030, Vietnam’s textile and footwear industry will strive for an average annual growth rate of 6.8%-7 %, and the export value will reach about 108 billion US dollars by 2030.
In 2022, the total export volume of Vietnam’s textile, garment and footwear industry will reach US$71 billion, the highest level in history.
Among them, Vietnam’s textile and garment exports reached US$44 billion, a year-on-year increase of 8.8%; footwear and handbag exports reached US$27 billion, a year-on-year increase of 30%.
The Vietnam Textile Association and the Vietnam Leather, Footwear and Handbag Association stated that Vietnam’s textile, garment and footwear industry has a certain status in the global market. Vietnam has won the trust of international importers despite the global recession and reduced orders.
In 2023, Vietnam’s textile and garment industry has proposed a target of total exports of US$46 billion to US$47 billion in 2023, and the footwear industry will strive to achieve an export volume of US$27 billion to US$28 billion.
Opportunities for Vietnam to be deeply embedded in global supply chains
Although Vietnamese export companies will be greatly affected by inflation at the end of 2022, experts say that this is only a temporary difficulty. Enterprises and industries with sustainable development strategies will have the opportunity to be deeply embedded in the global supply chain for a long time.
Mr. Chen Phu Lhu, deputy director of the Ho Chi Minh City Trade and Investment Promotion Center (ITPC), said that it is predicted that the difficulties of the world economy and global trade will continue until the beginning of 2023, and Vietnam’s export growth will depend on the inflation of major countries, epidemic prevention measures and major exports. The economic development of the market. But this is also a new opportunity for Vietnam’s export enterprises to rise and continue to maintain growth in commodity exports.
Vietnamese enterprises can enjoy the tariff reduction and exemption benefits of various free trade agreements (FTAs) that have been signed, especially the new generation of free trade agreements.
On the other hand, the quality and brand reputation of Vietnam’s export commodities have gradually been affirmed, especially agricultural, forestry and aquatic products, textiles, footwear, mobile phones and accessories, electronic products and other products that account for a large proportion of the export structure.
The structure of Vietnam’s export commodities has also shifted from the export of raw materials to the export of deeply processed products and high value-added processed and manufactured products. Export enterprises should seize this opportunity to expand export markets and increase export value.
Alex Tatsis, Chief of the Economic Section of the US Consulate General in Ho Chi Minh City, pointed out that Vietnam is currently the tenth largest trading partner of the US in the world and an important node in the supply chain of necessities for the US economy.
Alex Tassis emphasized that in the long run, the United States pays special attention to investing in helping Vietnam strengthen its role in the global supply chain.
Post time: Feb-09-2023