Vietnam has seen an increase of 16 per cent in its garment exports to Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member countries.
The per cent increase is for the first 6 months of 2018.
It is interesting to note that though CPTPP is yet to come into effect, the exports to all its member nations has surged by 23 per cent.
USA continued to be the biggest market for Vietnam’s garment products accounting for more than 46 per cent of overall turnover.
It is imperative that growth rates in Asian giants like China, South Korea and Japan were 50 per cent, 28 per cent and 24.6 per cent, respectively. For the European Union it was 13.2 per cent.
Vu Duc Giang, Chairman, VITAS, expressed delight to see the Vietnam’s garment and textile export achieve US $ 16 billion in the first 6 months of 2018. This is a 14 per cent increase (year on year).
He, however, added that in the second half of 2018 and in next few years, the demand for garments and textiles worldwide is expected to increase by only 1 or 2 per cent.
Besides adopting innovative business strategies, several local enterprises in Vietnam have started investing on technology and automation to improve production process and meet all export orders.
