Textile and garment businesses earned $18.6 billion from exports in the first half of 2023, down 17.6 per cent compared with the same period last year, figures from the Vietnam Textile and Apparel Association (Vitas) show.

Import revenue stood at $10.7 billion, a year-on-year decline of 20.5 per cent.

The sector has been affected by fewer orders from key markets such as the US and the EU, according to Vitas. The global economy has continued to decline, with annual growth being forecast at less than 2 per cent, or lower than the 3 per cent recorded last year.

Exports to the US were down 27.1 per cent in the first five months of the year, to the EU 6.2 per cent, to Canada 10.9 per cent, and to South Korea 2 per cent.

The textile and garment industry targets $39-40 billion from exports this year.