Vietnam’s textile and garment exports grows in the first 10 months

The export revenue of the garment and textile industry reached over US$23.3 billion in the first ten months

The export revenue of the garment and textile industry reached over US$23.3 billion in the first ten months, a year-on-year increase of 4.8%, the Vietnam National Textile and Garment Group (Vinatex) has announced.

In order to achieve the target of earning US$28-29 billion from exports in 2016, the export turnover of the textile and garment industry must record over US$2.5 billion per month in the last two months.

Major export markets for Vietnam’s textile and garment industry include the US (with nearly US$10 billion in revenue, up 4.37%), Europe (nearly US$3 billion, up 2.46%), Japan (nearly US$2.5 billion, up 4.61%) and the Republic of Korea (over US$2.2 billion, up 5.34%).

Vinatex’s General Director Le Tien Truong said that Vietnamese textile and garment enterprises would continue to face numerous difficulties due to competitiveness from countries with strong growth in textile and garment exports in the world such as China, India, Bangladesh and Pakistan. These countries will implement policies supporting their enterprises, particularly currency devaluation to boost exports and attract customers.

In addition, Brexit and the declaration of new US President Donald Trump before his election win that he would not support the Trans-Pacific Partnership Agreement will have a negative impact on Vietnam’s textile and garment export turnover in relation to the markets of the EU and the US.

In order to help enterprises overcome difficulties in the coming time, Chairman of Vietnam Textile and Apparel Association (Vitas) Vu Duc Giang has proposed that the Ministry of Industry and Trade must promptly set out specific solutions to support the textile and garment industry as well as better manage investment projects of the sector.

Relevant agencies should adjust plans for the development of Vietnam’s textile and garment sector, suitable with the integration speed of the country.

Vitas also hope the MoIT would consider the amendment and supplement of some laws that cause difficulties for textile and garment enterprises as well as support them in training workforces and applying scientific and technological advances./.

Source: Nhandanonline