Vietnam'S Textile Industry Strives To Export 55 Billion US Dollars By 2025

"Vietnam News Agency" on December 12 reported that the president of Vietnam Textile Association, Vu Duc Giang) said at the 6th Vietnam Textile Association Conference and the 2020 summary meeting that Vietnam's textile export volume will be 38.9 billion US dollars in 2019, which is expected to be about 35.2 billion US dollars in 2020, and the export target will be 55 billion US dollars by 2025, including 3.5 billion square meters of cloth exports and 8500 kinds of clothing products. We will strive to achieve a trade surplus of US $33 billion by 2025, with an average annual growth rate of about 11.6% from 2021 to 2025.

In order to achieve this goal, the president of Vietnam Textile Association said that in 2020-2025, the association will be committed to integrating, researching and proposing insufficient policies and mechanisms to the government and various ministries and commissions, playing a role among member enterprises to form a textile supply chain meeting the origin requirements of the FTA; Connect domestic schools and research institutes with enterprises to train high-quality human resources. In addition, it is also suggested that the Ministry of industry and trade of Vietnam should submit the vision 2035 development strategy of Vietnam's textile and garment industry to the government for approval as soon as possible, including the national plan and the construction of infrastructure for large-scale textile and garment industrial zone, the construction of centralized wastewater treatment system to attract dyeing projects, and the priority of advanced technology projects. At the same time, the government and the ministries and commissions should continue to reform the administrative procedures, eliminate difficulties, ensure the creation of a smooth business investment environment and reduce enterprise costs. The association suggested that the Ministry of finance of Vietnam should study and suggest to the government that the value-added tax should be cancelled for enterprises using domestic cloth for processing and exporting, so as to create conditions for the formation of the link chain.