On the contrary, some leading companies recorded positive growth of up to two or even three digits. Other well-known enterprises in the industry, such as Song Hong Garment, Century Synthetic Fiber Corporation, and Everpia, experienced bad results, with their profits decreasing about 40-50 per cent over 2021 to VNĐ55 billion, VNĐ43 billion and VNĐ27 billion, respectively. Garmex Saigon only reported a profit in the second quarter and lost all three remaining quarters last year, leading to a net loss of nearly VNĐ66 billion in 2022, marking its first yearly loss since listing. The company said it had to stop production at some factories from mid-August to improve the quality, so most of the finished goods had to be kept in storage while the inventory had not been consumed. Similarly, Garmex Saigon Corporation also suffered a loss of approximately VNĐ59 billion in the fourth quarter, while it posted a profit of nearly VNĐ35 billion in 2021. However, for the whole of 2022, Vinatex still made a profit of more than VNĐ1 trillion, down 20 per cent year-on-year thanks to the large profit in the year's first half. In the first months of the fourth quarter, businesses were trapped in a difficult situation when the yarn market's liquidity was almost zero, the garment market's orders dropped sharply, and information about losses from its subsidiaries, especially fibre units, was reported. Vinatex said that due to the influence of China's zero-COVID policy, demand in some markets decreased at the end of the year, affecting the consumption situation and the prices of yarn inventory. This is also the first quarter that Vinatex has recorded a loss. Its profit after tax reached $450 billion in the same period last year, which was the most profitable enterprise in the textile group. Vinatex surprised the market with a loss of $5 billion. Statistics from 15 leading enterprises in the textile and garment industry compiled by cafef.vn point out that the total consolidated profit after tax in the fourth quarter of 2022 was only VNĐ440 billion ($18.7 million), down 63 per cent from the fourth quarter of 2021, amid high inflation and recession risks in the main export markets. Vietnamese textile and garment enterprises' profits diverged in the fourth quarter after achieving impressive growth in the year's first quarter. The sharp decline in orders since September was attributed to a reversal of the trend, causing the industry's export value to fall to 2022's lowest level in the last quarter.

It was followed by the Europe Union and Japanese markets, reaching $4.46 billion and $4.07 billion, up 34.7 and 25.8 per cent, respectively.Īlthough the industry saw positive export prospects in the first and second quarters of 2022, it began to face many difficulties in the last two quarters of the year as global demand for textiles and garments declined. The US is the biggest import market of Vietnamese textile and garments, worth $17.36 billion last year, up 7.9 per cent. HÀ NỘI - The profits of Vietnamese textile and garment enterprises were diverse in the fourth quarter, with many big names posting great losses.Īfter being heavily impacted by the COVID-19 pandemic, textile and garment enterprises have gradually recovered and were one of the key export industries that recorded extraordinary growth rates in the first months of 2022.ĭata from the General Department of Customs showed that the export value of the textiles and garments sector in 2022 reached US$37.57 billion, a gain of 14.7 per cent year-on-year. Workers making goods for export at a Gia Tộc Garment Export factory in Hà Nam Province.

Garment export