Vietnam'S Textile And Garment Industry Exports 2019 To Break Through $40 Billion.

Recently, Vietnam's textile and Garment Association (VITAS) said that its industry target export in 2019 was designed to break through 40 billion US dollars, an increase of 10.8% over the 2018 year-on-year period.

VITAS said the industry's trade surplus is expected to reach US $20 billion this year, while ensuring stable domestic employment and increasing the income of 2 million 850 thousand garment and textile workers.

It is reported that Vietnam's clothing and textiles exports exceeded 36 billion US dollars in 2018, an increase of 16% over the same period last year.

This growth has made Vietnam one of the three largest exporters of clothing and textiles in the world.

Also based on the success of 2018, VITAS aims to achieve greater growth space breakthrough in 2019.

In addition, the comprehensive and progressive p Pacific Partnership Agreement (CPTPP), which came into force in January 2019, is expected to help the sector grow by 1.3% or increase its export turnover by 4%.

At this point, the clothing and textile industry is regarded as a key sector to expand the economic development opportunities for the country's market.

VITAS Chairman Wu De Jiang said that in 2019, Vietnam's clothing and textile industry orders were enthusiastic, many enterprises have completed the order in the first six months or even the whole year ahead of schedule.

"The textile and dyeing industry is gradually improving its supply chain due to the gradual increase in investment and the more competitive products.

"Wu Dejiang said.

Li Jin Chang, general manager of Vietnam textile and Garment Group, said that with the implementation of the CPTPP agreement this year, the industry will grow with challenges.

At present, with the increasing capital, experience, technology and labor force of the country, many foreign investment enterprises have begun to establish the production supply chain of yarn, textile and clothing in Vietnam.

"If enterprises increase investment and increase production capacity, it is difficult for them to compete and occupy the market in China, especially in the face of CPTPP member states.

"Li said that in order to increase the competitiveness of the industry, enterprises need to take the initiative to produce raw materials and reduce dependence on imported materials, so as to help the industry enjoy the benefits of CPTPP instead of facing negative pressure.