Vietnam'S Textile And Clothing Exports Increased In 1-8 2016

Vietnam Cotton Textile Association said that despite the increase in Vietnam's textile and clothing exports in 1-8 this year, the growth rate dropped significantly compared with the same period last year.

In the 1-8 months of this year, Vietnam's textile and clothing exports amounted to US $18 billion 700 million, an increase of 4.4% over the same period last year.

The association said that due to insufficient export orders and declining foreign demand,

Export growth slowed sharply compared with the same period last year.

If the current situation continues, exports will be even worse. This year, exports will hardly meet the target of US $29 billion, lower than the US $310 target set at the beginning of this year.

According to the association analysis,

The decline in orders is due to fierce competition from countries such as China, India, Kampuchea, Bangladesh, Burma and Sri Lanka. Kampuchea and Burma also enjoy preferential tariffs on exports to the EU.

In addition,

Domestic garment factories are facing many difficulties such as rising wages and production inspection.

In addition, in 2014 and 2015, many foreign companies borrowed TPP opportunities to build factories in Vietnam, but Vietnam's foreign direct investment began to decline this year.

In view of the basic agreement on the p Pacific Partnership Agreement (TPP), Wu Huihuang, Minister of industry and trade of Vietnam, said recently that he expected the increase of domestic exports of textiles, clothing and footwear.

Wu brilliance also predicts that domestic animal husbandry with lower international competitiveness will be hit.

Wu brilliantly pointed out that exports of textiles to the United States, Japan and Canada will increase.

He said: "Vietnam will take this opportunity to join the supply chain formed after the entry into force of TPP."

He believes that this will help Vietnam improve its investment environment, increase investment and promote economic reform.

Wu Hui said that with the increasingly fierce competition with foreign products, animal husbandry may be hit, so it is necessary to reduce costs and improve quality through large-scale operations.

He said, "adopting state-run enterprises that do not conform to the trend of the times" will be hard for some time.