Textile-garment exports likely to reach 34 billion USD in 2020 (Photo: VNA)Hanoi (VNA) – Vietnam’s textile and garment industry is predicted toearn about 33.5 - 34 billion USD from exports in 2020, higher than the forecastof 30-31 billion USD in April, and down 14-15 percent year-on-year.
According to statistics reported by the Ministry of Industry and Trade, the textileindustry’s export turnover reached an estimated 24.76 billion USD in the first10 months of this year, declining by 9.3 percent compared to the same periodlast year.
The ministry said textile enterprises need to take measures, as well as adjust theirproduction activities and business forms to suit the fluctuations of the marketdue to the severe impacts posed by the COVID-19 pandemic.
Attention should also paid to exploiting the domestic market and forming productionchains meeting regulations of origin stated in free trade agreements thatVietnam signed with partners, it noted.
Addressing a recent working session to seek solutions to difficulties facingthe industry amid the health crisis, Prime Minister Nguyen Xuan Phuc suggestedthe sector strengthen application of digital technologies and make effective use of FTAs.
The Government leader also emphasised the need to develop modern and environmentallyfriendly industrial parks serving the textile and garment industry, and applicationof circular economy./.
VNA
