Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam Textile andApparel Association (VITAS) has set the industry’s export turnover target thisyear at 40 billion USD, a 10.8 percent year-on-year increase from 2018.
The industry’s tradesurplus is expected to reach 20 billion USD this year, while employment will beensured and income for 2.85 million workers will be increased, said VITAS.
These targets werebased on a successful year in 2018, when export turnover of garments andtextiles products reached more than 36 billion USD, marking a year-on-yearincrease of 16 percent. This level of growth would make the nation one of thetop three largest exporters of textiles and garments in the world.
In addition, theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),which came into effect in January 2019, was expected to help the economy growby 1.3 percent. It should boost export turnover by 4 percent. The textile andgarment industry is seen as a key sector with many opportunities to expand themarket.
Chairman of VITAS Vu DucGiang said the signs for orders for 2019 were also very positive. Manybusinesses already had orders for the first six months of this year and eventhe whole year.
“The sector hasgradually completed the supply chain thanks to increasing flow of capitalinvested in the textile and dyeing industry, making its products morecompetitive,” said Giang.
Cao Huu Hieu,Managing Director of Vietnam National Garment and Textile Group (Vinatex), saidthe sector would have many opportunities to grow along with challenges as thecountry started to implement the agreement this year.
Hieu said with thestrength of the country’s capital, experience, technology and labour force,many foreign-invested enterprises would establish production chains from yarn,fabric and garments in Vietnam.
“If businesses do notinvest and improve capacity, it will be difficult for them to compete in thedomestic market, especially with products coming in from CPTPP membercountries,” he said. “They need to take initiative in producing raw materialsand minimising dependence on imported materials to help the industry enjoy thebenefits of CPTPP.”-VNA
