HCMC – Vietnam’s textile and garment export revenue is expected to hit US$47 billion in 2023, according to the Vietnam Textile and Apparel Association (VITAS).

Speaking at a press briefing on November 18, VITAS Chairman Vu Duc Giang forecast the country would see strong growth in apparel exports next year, despite several challenges related to the workforce, a plunge in orders, soaring interest rates and a volatile exchange rate.

New free trade agreements will boost Vietnam’s apparel exports, said Giang.

In addition, Giang proposed the Government and ministries consider reducing taxes or extending tax payment deadlines for apparel exporters to help them maintain their production and stabilize their workforce, contributing to fulfilling the 2023 export target.

VITAS also proposed banks offer preferential loans to major apparel exporters to stimulate them to ramp up production and shipment.

The country exported textiles and garments worth some US$38 billion to 66 countries and territories between January and October, up 17.2% year-on-year, making the target of US$43 billion in apparel exports achievable this year.