SRIL and PBRX Issue Global Bond

Textile Stakeholders Request Strengthening Industrial Integration

Parliament Asks to Control Illegal Importation of Textiles

IKATSI Reveals Details of Import Violations

MOI Optimizes Sustainable Resources For Industrial Production

Britain Will Ban Imports From China

RPP on Industry and Trade is Less Favorable to Local

Textile Industry Optimistic Could Recover This Year

Trade Surplus, Textiles Industry Still in the Red Zone

APR Encourages Supply Chains as the Focus of the Road Map

Pakistan's Exports to Indonesia Supported by Textile Products

ARGO Optimistic Will Improve Performance in 2021

APSyFI : PLB Threatens to Eliminate US $ 8.3 Million Yarn Exports

Stake Holder : Textile Industry Needs Fundamental Changes


Vietnam recorded economic growth of 7.72 percent (year on year/yoy) in the second quarter of 2022. The Vietnam General Statistics Office said that the growth of Gross Domestic Product (GDP) was influenced by high exports to the United States (US) and the recovery in public consumption due to the lack of restrictions due to Covid-19. Wednesday (29/6/2022), Vietnam's economic growth in the second quarter of 2022 was much higher than the previous quarter, which reached 5.05 percent. Vietnam's economic growth in the second quarter also marked an economic reversal from -6.02 percent in the third quarter of 2021 or in the July-September range. The economic contraction at that time was influenced by the government's decision to restrict the movement of people, much more strictly than in neighboring countries.

Vietnam's Economic Growth Is Influenced by Textile Exports

The magnitude of economic growth in the second quarter was influenced by the high value of textile and apparel exports. Based on data from the Vietnam Textile and Apparel Association, exports of these commodities have reached a record high in the first 6 months.

On the other hand, relatively lower labor costs compared to other countries have positioned Vietnam as the first candidate for supply chain diversification outside of China or better known as "China plus one".

The supply chain diversification occurred in line with the heating up of trade relations between the US and China since 2019.

The conflict made the US and China both apply higher import duty tariff policies for goods from each country. Not surprisingly, many US manufacturers build or add factories in Vietnam.

"In addition, the nearly two-month lockdown in Shanghai has prompted us to temporarily increase production in Vietnam," said a representative from a foreign-affiliated garment factory.

Meanwhile, Chief Economist at Mizuho Research and Technologies, Hiromasa Matsuura, said economic growth in Vietnam was driven by the recovery of the world economy.

"The world's economic recovery has helped Vietnam's export-driven economic growth," said Hiromasa..