In July this year, Vietnam's textile and clothing export earnings increased by 12.4% year-on-year to US$4.29 billion - the first month this year that the industry's exports exceeded US$4 billion and the highest since August 2022. The country's General Statistics Office (GSO) said that in the first seven months of this year, the sector's export revenue increased by 5.9% year-on-year to US$23.9 billion. From January to July this year, fiber and yarn exports increased by 3.5% year-on-year to US$2.53 billion, while fabric exports also increased by 18% year-on-year to US$458 million. Vietnam now sells textiles and clothing to 113 countries and regions, with the main markets being the United States, the European Union, Japan, South Korea and China, with an export target of US$44 billion this year.
On August 4, nationwide protests broke out in Bangladesh, which led to the resignation of former Prime Minister Sheikh Hasina and the change of government, and also had an impact on the country's economic activities represented by the clothing and textile industry. Bangladesh is a key component of the global clothing supply chain, exporting about $47 billion worth of clothing last year. After the turmoil, many factories in the country were once in an "extremely unstable" state, and foreign media said that many global clothing brands were adjusting their orders. Han Jingchao, a Chinese businessman who invested in the textile industry in Bangladesh, analyzed that orders in the clothing industry are seasonal and phased. The recent impact on Bangladesh's textile industry may not only lead to the cancellation of recent orders, but also affect the next purchasing season and even the entire second half of this year.
According to reports, at 9 am on August 5, the groundbreaking ceremony of the Dechong Funan Canal project in Cambodia undertaken by my country was officially held. On the day of the ceremony, Cambodia had a paid holiday for one day, and more than 20,000 Cambodians from all walks of life participated in the groundbreaking ceremony. The Dechong Funan Canal is an artificial canal running north-south. It starts at Prey Kompel on the southeast side of the Cambodian capital, passes through the four provinces of Kandal, Takeo, Kampot and Kep, and finally goes out to sea from Kep Port. The canal is 180 kilometers long and connects the Mekong River, Tonle Sap Lake, Tonle Bassac River and other waters through artificial means. Three navigation stations and 11 cross-river bridges will be built along the way. The river is designed as a two-way channel with a width of 100 meters and a water depth of 5.4 meters, which can accommodate ships of 3,000 tons. The project is expected to cost US$1.7 billion and take four years to complete in 2028. After completion, Cambodia will have access to the sea, and the development of the textile industry will usher in new opportunities.
Gan Yu, spokesperson for the China Coast Guard, said that on August 19, the Philippine Coast Guard ships No. 4410 and No. 4411 illegally entered the waters near Xianbin Reef in China's Nansha Islands without the permission of the Chinese government. The Chinese Coast Guard took control measures against the Philippine ships in accordance with the law. The Philippine ship No. 4410 ignored China's repeated solemn warnings and deliberately collided with China's normal rights protection and law enforcement boat No. 21551 in an unprofessional and dangerous manner, resulting in a collision. The responsibility lies entirely with the Philippines.
The opportunity for the development of the textile industry in Southeast Asian countries in recent years is the outward transfer of China's textile industry. Its essence is that European and American countries are "de-Sinicizing" the manufacturing industry and looking for external alternatives. Because Southeast Asia has abundant labor and a relatively stable political situation, it can take over orders transferred from China, and China has also promoted the transfer of garment manufacturing due to the demand for industrial transformation and upgrading. However, from the recent experience of Bangladesh, it can be seen that as long as the political situation is turbulent, the industry accumulated over the years may be lost in a very short time. At this stage, the game between China and the United States has entered a white-hot stage. Southeast Asia is a focus of the game between the two sides. Southeast Asian countries have their own little thoughts. At the same time, due to geographical factors, India also has a strong influence on some Southeast Asian countries. Whether it is the China-Laos Railway, the Cambodian Canal, or the Philippines' provocation against my country, they are all the result of multi-party games. As the export pillar industry of most Southeast Asian countries, the textile industry will be obviously affected. As the situation continues to develop, the textile industry in Southeast Asia may complete a reshuffle in the next few years!
