Vietnam Textile And Garment Industry 2019 Target 40 Billion US Dollars Export

Based on the success and strong development momentum of 2018, Vietnam's textile and garment industry is expected to achieve breakthroughs in 2019.

According to the Vietnam textile and Apparel Association (VITAS), 2018 was a successful year in the textile and garment industry of the country, with exports totaling more than 36 billion US dollars, an increase of 16% over the same period last year.

This allowed Vietnam to win the honor of one of the three largest exporters of textiles and clothing in the world.

VITAS chairman Woodyan said in 2018 that the heated trade disputes and technological development have witnessed complex changes in the world.

In the field of garment and textile, the association has put forward many constructive suggestions to relevant departments and governments to reduce obstacles to the development of enterprises in the field.

With the 2018 harvest, Vietnamese textile enterprises witnessed a positive signal of increasing trade orders in 2019.

Many enterprises have received orders for the first 6 months or even 2019.

At the same time, as the capital investment and raw materials constantly enter into the clothing and textile industry, the country gradually completes the textile supply chain.

The forthcoming implementation of the new free trade agreement has become a positive factor in supporting the Department's business activities in 2019.

On this basis, VITAS set the target of export turnover of 40 billion US dollars this year, an increase of 10.8% over the same period last year.

The industry strives to achieve a trade surplus of US $20 billion, creating employment opportunities and increasing revenue for 2 million 850 thousand workers.

Domain experts said that in 2019, with the opening of the p Pacific Partnership comprehensive progress agreement, many industries in Vietnam are expected to add momentum to development.

In addition, the Sino US trade war started, the textile and garment industry has been pferred, and Vietnam has also provided more orders.

According to Pham Xuan Hong, the board of directors of Vietnam clothing company, many orders entered China from Vietnam, giving Vietnamese companies the opportunity to choose high priced and demanding orders.

But local businesses need to improve technology to match high quality and high volume products.

According to statistics from the Ministry of industry and trade of Vietnam, 2019 will continue to be a critical year for the industry to integrate into the global textile supply chain.

In particular, in response to the fourth industrial revolution, the future will have a significant impact on the textile and garment industry, forcing industry enterprises to pform and increase investment in manpower and material resources.

Bui Kim Thuy, chief representative of the USABC, said Vietnam is currently participating in the 16 free trade agreements.

Among them, 11 of the 12 signed agreements have entered into force, such as the ASEAN China free trade agreement, ASEAN trade in goods agreement and so on. CPTPP also came into effect yesterday (14).

But the ASEAN Hongkong (China) free trade agreement remains to be developed.