by Apparel Resources News-Desk
12-March-2019 | 2 mins read
Vietnam earned an astounding US $ 4.89 billion from its apparel and textile exports in the first 2 months of 2019.
This was recently announced by the country’s Ministry of Industry and Trade (MoIT).
The Ministry added that it was a 19 per cent growth year-on-year and such an impressive growth was mainly owing to the fact that several companies had received orders for the first 6 months of 2019. Some companies, reportedly, were booked even for the whole year.
Concurring with MoIT’s analysis, Phạm Xuân Hồng, Chairman, HCM City Textile and Garment –Embroidery Association, averred that the local apparel and textile sector have been treading on the right path in 2019 majorly because of sufficient orders from foreign partners.
Fabrics, among all products, witnessed impressive export growth. Interestingly, fabrics from natural fibres as well as synthetic fibres each saw a rise of 14 per cent whereas clothing clocked a growth of 11 per cent.
Notably, apparel and textile products of Vietnam have been catching lot of attention of international customers mainly because of the former’s strong competitiveness in quality and price. Also, the free trade agreements that Vietnam has signed with many countries have further boosted the industry.
In 2018, Vietnam’s apparel and textile exports earned US $ 36 billion (16 per cent up from 2017) and now the first 2 months of 2019 indicate that the country is on the right track to achieve the projected US $ 40 billion in 2019.
The industry’s trade surplus is expected to touch US $ 20 billion this year.
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