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The prelim export turnover of Vietnam’s textile and garment remained stellar with 23.4% yoy and 0.6% mom, to USD3.1bn in May. The US persisted as the largest textile and garment importer with a USD1.6bn, +23.5% yoy/0.7% mom and accounting for 51% of Vietnam’s total textile and garment export value. Overall, in 5M22, Vietnam’s textile and garment export turnover soared 22.6% yoy to USD15bn.
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.