Vietnam’s textile and garment industry shows signs of recovery

Vietnam’s textile and garment industry shows signs of recovery

Vietnam’s “Customs Online” reported on September 14 that the Vietnamese Ministry of Industry and Trade stated that the sales and profits of some textile and garment companies have begun to resume growth. Among them, the domestic market is an important support for its growth.

TNG Investment and Trading Joint Stock Company stated that in August this year, the company’s sales reached 613 billion VND, a month-on-month increase of 1.5% and a year-on-year increase of 11%. In total, the company’s sales in the first eight months reached 3.058 trillion VND, equivalent to 97% of the same period last year. Among them, the domestic market revenue alone is nearly 200 billion VND, a year-on-year increase of 42%. August was the second consecutive month of year-on-year sales growth for the company. Previously, sales in July this year increased by more than 6% year-on-year.

The main products contributing to revenue are jackets, traditional overalls, medical masks and protective clothing for domestic sales and exports. In the future, the company will also produce, sell domestically and export firefighting suits and chemical protective suits.

Data from the Ministry of Industry and Trade show that in August this year, textile production increased by 3.1% month-on-month and 4.9% year-on-year. In the first eight months of this year, textiles grew by 1.3% year-on-year. At the same time, clothing output increased by 4.9% month-on-month and 4.4% year-on-year in August this year. In the first eight months combined, the commodity fell 4.2% year-on-year.

In terms of exports, in the first eight months of 2020, the export volume of textiles and clothing reached approximately US$19.25 billion, a year-on-year decrease of 11.6%.

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