Unprecedented growth in Vietnam’s textile industry, in last few years, has helped the country become fifth largest textile exporter in the world. This was confirmed by Vietnam Government’s website.
From January to June 2018, the garment firms in Vietnam exported products worth US $ 16 billion, which is a 14 per cent jump from what it was during the first 6 months of 2017.
Notably, the major products exported were T-shirts, dress shirts, and coats. Markets like USA, EU, China, Korea and, importantly, CPTPP member nations too witnessed rapid growth in the first 6 months of this year.
Last year, the garment and textile exports had generated an impressive US $ 31 billion. However, what is interesting is that the initial export target for 2018 (US $ 34 billion) was revised recently to US $ 35 billion.
The revision was done owing to significant increase in orders from foreign companies. Additionally, upcoming FTAs are also expected to give a big boost to the garment and textile industry of Vietnam.
Vu Duc Giang, Chairman, VITAS, is however quick to remark that the industry may still face challenges and constraints in the second half of this year due to increasing competition.
He even urged small and medium enterprises to focus more on technology and new manufacturing methods and techniques.
