Garment-textile exports expected to reach 45.7 billion USD in 2022

Thursday, 04/08/2022 17:00
Vietnam expects to earn 45.7 billion USD from garment-textile exports this year amid good results recorded since the beginning of this year and positive market developments, reported Vietnam News Agency.
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Illustrative image (Source: VNA)

The General Department of Vietnam Customs reported that as of mid-July, garment-textile was one of the four sectors posting the highest export revenue, with a record of 20.4 billion USD, up 19.7% year-on-year.

Garment-textile was also among the six groups whose export value increased by over 1 billion USD, according to the authority.

Some 14,000 businesses are operating in the sector, with combined capital of over 1.1 quadrillion VND (46 billion USD) and net profits, nearly 1 quadrillion VND. They are employing about 200,000 labourers.

Vietnamese garment-textile products were shipped to 55 countries and territories worldwide, including 17 markets with a turnover of more than 100 million USD each.

The US, Japan, the Republic of Korea (RoK), Canada, China, Germany and Cambodia were major buyers of the Vietnamese products.

Earlier, the Vietnam Textile & Apparel Association said textile-garment producers target to earn up to 21 billion USD from exports in the second half of 2022, raising total shipments of the year to around 42 – 43 billion USD.

The industry has seen a gradual recovery this year after being adversely impacted by COVID-19 for two years. It enjoyed a trade surplus of 8.86 billion USD in the first half of the year.

To maintain the growth, experts have suggested domestic businesses pay more heed to product origin as committed by Vietnam in free trade agreements (FTAs), better handle labour issues, and expand the market.

Vietnam agriculture enjoys trade surplus of 6.3 billion USD in 7 months

Vietnam’s export and import turnover of agricultural, forestry and fishery products was estimated at about 58.3 billion USD in Jan-July 2022, a year-on-year increase of 7.2%, according to the Ministry of Agriculture and Rural Development.

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Photo for illustration. (Source: sggp.org.vn)

Of this, exports were valued at about 32.2 billion USD, up 12.2% and imports were estimated at about 26 billion USD, up 1.6%. With these, trade surplus reached nearly 6.3 billion USD, a 2-fold increase year on year.

In the 7 months, four products or product groups had export value of more than 2 billion USD, including coffee, rice, shrimp, and wooden products.

Many items had higher export value than the same period last year, such as: coffee, valued at over 2.6 billion USD (up 46.2%); rubber, over 1.6 billion (up 7%); rice, over 2 billion USD (up 9%); pepper, about 661 million USD (up 11.7%); cassava, 904 million USD (up 32.1%); tra fish, about 1.6 billion USD (up 83.6%); shrimp, over 2.7 billion USD (up 26.2%); and wood and wooden products, over 9.7 billion (up 1.2%).

Some items witnessed decrease, including vegetable and fruit products, over 1.9 billion USD (down 16.1%); cashew nuts, nearly 1.8 billion USD (down 10.4%); and livestock products, 225. 6 million USD (down 11.6%).

Although export turnover of wood and wooden products increased by 1.2%, export value of wood products decreased by 6.9% with a value of over 6.9 billion USD.

Regarding export markets, in the seven months, Asia made up 42.4% market share, America (29.3%), Europe (11.9%), Oceania (1.7%) ) and Africa (1.6%).

The United States continues to be the largest export market, valued at nearly 8.7 billion USD, accounting for a 26.8% market share. It was followed by China with over 5.7 billion USD, a 17.8% market share; Japan with over 2.3 billion USD, accounting for 7.2%; and the Republic of Korea with over 1.5 billion USD, accounting for 4.7%.

Strong recovery in domestic market helps Vietnam’s airlines reduce losses

Despite sharp increase in fuel prices and weak recovery in the international market, Vietnam’s aviation industry still achieved an impressive recovery and reduced losses significantly in the second quarter of 2022, according to the latest report of Vietnam Airlines.

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Vietnam’s aviation industry achieved an impressive recovery and reduced losses significantly in the second quarter

Vietnam’s aviation industry has made an impressive recovery thanks to the strong growth of domestic passengers in recent years.

Specifically, the loss of the aviation industry in the second quarter of 2022 decreased compared to the first quarter of 2022. In addition, compared to the same period in 2021, Vietnam Airlines’ loss decreased by more than 44% and stopped at 2.243 trillion VND. The above positive recovery sign was mainly due to the strong growth of the domestic aviation market.

According to the Vietnam National Administration of Tourism, in the first half of 2022, domestic tourist arrivals reached about 60.8 million, an increase of 99% over the same period last year.

The number of arrivals via airports in the first 6 months of the year reached 40.7 million passengers, a year-on-year increase of 56.8%. Vietnam’s airlines transported 20.1 million passengers, a year-on-year rise of 56.1%.

Contrary to the domestic market, the international market saw modest recovery. In the first half, international tourist market reached about 12% of the pre-pandemic level due to entry barriers limiting passenger travel demand. Recently, Vietnam Airlines has resumed 35 international routes, equal to 53% compared to 2019. The national flag carrier has not been able to reopen flights to China, Myanmar and Russia due to travel restrictions from the authorities or political tension.

During the peak summer season of July 2022, Vietnam Airlines recorded a profit for the first time after many months of reporting losses. Domestic flights in the summer peak season are expected to last until August 2022, bringing great cash flow to the airline.

Ho Chi Minh City is most sought destination by local tourists

From March 1 to July 20, Ho Chi Minh City received the most searches by local tourists; followed by the pearl island of Phu Quoc, Hanoi, Da Lat, Nha Trang, Da Nang, Vung Tau, Quy Nhon, Thua Thien - Hue, and Phan Thiet, according to the Vietnam National Administration of Tourism (VNAT).

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Ho Chi Minh City is most sought destination by local tourists

VNAT reported that as tourism is fully opened, the demand for foreign travel of Vietnamese people has also increased rapidly. The number of Vietnamese people searching for foreign travel in July was at 780% compared to the same period last year.

Destinations in Southeast Asia still receive the attention of Vietnamese tourists such as Singapore, Thailand, Cambodia, Indonesia, Malaysia and the Philippines. This shows that close destinations are a priority trend of Vietnamese tourists in the context of post-pandemic recovery.

Since early 2022, Vietnam has continuously been named among the group of destinations with the fastest growth in the world, with a growth rate of 50%-75%. The top 10 countries searching for travel in Vietnam include the USA, Australia, Singapore, India, Japan, and the Republic of Korea.

Ninh Binh listed among 12 coolest movie filming locations in Asia

The US travel magazine Travel & Leisure has named Vietnam’s northern province of Ninh Binh among the top 12 coolest movie filming locations to visit throughout all of Asia. 

Ninh Binh is the country’s sole representative appearing on the list when it became the setting for the 190 million USD blockbuster Kong: Skull Island.

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Ninh Binh listed among 12 coolest movie filming locations in Asia

Along with some other famous places such as Ha Long Bay (Quang Ninh) and Mouse Cave (Quang Binh), Ninh Binh appeared in the film with Trang An, Van Long Lagoon, and Tam Coc.

The American magazine called Ninh Binh a “Halong Bay on land”, with a similar landscape but less known to foreign tourists. Ninh Binh is also praised for having many unique Buddhist temples.

In addition, some other destinations to make the list are Siem Reap (Cambodia) in “Tomb Raider”; Busan (the Republic of Korea) in “Black Panther”; Kenting (Taiwan, China) in “Cape No.7”; Khempur (India) in “The Best Exotic Marigold Hotel”; and Krabi (Thailand) in “The Beach”./.

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