Textile firms are bracing for a profit plunge in the second half of this year, with the number of new orders slowing down since the middle of the second quarter.
Millions of factory workers have been fully vaccinated and the Omicron variant is proving less severe, says the Vietnamese government
Over 68 percent of garment and footwear enterprises in Vietnam have been penalized by their foreign customers for late delivery, some with cancellation and compensation demands.
Manufacturers for Nike and Adidas forced to close factories as infections rise
Vietnam overtook Bangladesh last year to become the world’s second largest garment exporter with a turnover of US$29 billion, according to statistics from the World Trade Organization.
Vietnam’s total textile and garment export value in the first five months of this year declined by 14.5 percent year-on-year to over 10.4 billion U.S. dollars, according to the country’s General Statistics Office on Thursday.
Amid the coronavirus epidemic, many textile businesses in Viet Nam have shifted to producing antibacterial masks to serve market demand.