Vietnam’s garment exports fell by 9.07 per cent year on year (YoY) in the first quarter (Q1) of this year and imports by 16.59 per cent. US and European buyers have suspended or cancelled orders since mid-March, according to the Vietnam National Textile and Garment Group (Vinatex), whose first quarter revenue dropped by 7 per cent year on year.
Retail outlets in the United States and Europe are unlikely to reopen until early May at best, causing extended delays to existing orders while few new orders have been placed, Vinatex’s managing director Cao Huu Hieu was quoted as saying by a Vietnamese media report.
Most orders put on hold are for spring and summer clothing lines, while the pandemic is expected to be brought under control by Autumn at the earliest, making it highly likely these lines will be cancelled anyway, he added.
The Vietnam Textile and