Vietnam's textile and garment industry 2019 targets $40 billion exports

Release time:

2019-01-17

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

According to the Vietnam Textile and Apparel Association (VITAS), 2018 was a successful year for the country's textile and apparel sector, with total exports exceeding US $36 billion billion, up 16% year-on-year. This has earned Vietnam the honor of being one of the three largest textile and garment exporters in the world.

VITAS Chairman Wu Dejiang mentioned in 2018 that warming trade disputes and technological development have made the world see complex changes. In the field of clothing and textiles, the association has put forward many constructive suggestions to relevant departments and governments to reduce obstacles to the development of enterprises in this field.

With the results of 2018, Vietnamese textile enterprises witnessed positive signs of increasing trade orders in 2019. Many businesses have received orders for the first six months of 2019 or even the whole year. At the same time, due to the continuous influx of capital investment and raw materials from the garment and textile industry, the country has gradually completed the textile supply chain.

The upcoming implementation of new free trade agreements is a positive factor to support the sector's business activities in 2019. On this basis, VITAS set an export turnover target of 40 billion US dollars this year, an increase of 10.8 per cent year-on-year. The industry strives to achieve a trade surplus of $20 billion billion, creating jobs and increasing incomes for 2.85 million workers.

Experts in the field said that in 2019, with the launch of the Trans-Pacific Partnership Comprehensive and Progressive Agreement, many industries in Vietnam are expected to add momentum. In addition, the Sino-US trade war has started, and the textile and clothing industry has changed its address, which has also provided Vietnam with more orders.

According to Pham Xuan Hong, the board of directors of a Vietnamese clothing company, many orders flow into Vietnam from China, giving Vietnamese companies the opportunity to choose high-priced and demanding orders. But local companies need to improve technology to match high-quality and high-volume products.

According to the Ministry of Industry and Trade, 2019 will continue to be a crucial year for the industry to integrate into the global textile supply chain. Especially in response to the fourth industrial revolution, the next period of time will have a significant impact on the textile and garment industry, forcing the industry enterprises to transform and increase investment in human and material resources.

Bui Kim Thuy, chief representative of the US-ASEAN Business Council (USABC), said Vietnam is currently participating in 16 free trade agreements. Among them, 11 of the 12 signed agreements have entered into force, such as the ASEAN-China Free Trade Agreement and the ASEAN Agreement on Trade in Goods. CPTPP also entered into force yesterday (14). But the ASEAN-Hong Kong (China) Free Trade Agreement has yet to be developed.

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