Vietnam’s garment and textile industry exports in the first five months of the current year rose 6.1 per cent to US $ 8.6 billion, according to the statistics unveiled by Ministry of Industry and Trade (Vietnam). Particularly, in the month of May, the industry earned US $ 1.75 billion, up 3.8 per cent from last year.
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The exports from Vietnam are expected to rise further as textile and garment manufacturers are increasingly shifting their factories from countries like China to Vietnam, as it has the advantage over the nations where labour and manufacturing costs are high. Vietnam also happens to be one of the few countries in T&C’s manufacturing end which will benefit from the recent foreign trade agreements, like the TPP, VKFTA and EVFTA, to name a few.
In addition, the report states that United States stood as the largest export market of the T&C industry, with US $ 3.4 billion, up 6 per cent from prior year. The European Union, Japan and South Korea followed with US $ 936 million, US $ 845.17 million and US $ 677.2 million, respectively.
