Vietnam’s textile and garment industry is estimated to grow about 7.55 percent this year, according to President of the Vietnam Textile and Apprarel Association (VITAS) Vu Duc Giang.
The sector has maintained healthy growth in spite of economic slowdown and trade tensions between major economies, like the US and China, Giang told a press conference to provide an update on the industry this year and announce the VITAS’s 20th anniversary celebration ceremony.
The textile-garment export value is estimated at 39 billion USD this year, below the 40-billion-USD target, he said.
The industry’s import turnover is estimated to expand 2.21 percent year on year to 22.38 billion USD.
The sector enjoys a trade surplus of 16.62 billion USD, up 2.25 billion USD and 15.7 percentage points from a year earlier.
The VITAS President said the US remains Vietnam’s largest buyer which imported 15.2 billion USD worth of textile-garment products, or 38.97 percent of the total export, up 8.9 percent against last year.
It is followed by the EU which spent 4.4 billion USD on Vietnamese textiles and garment, accounting for 11.28 percent of the total export and up 2.23 percent.
He also announced that a ceremony will be held in Hanoi on December 13 – 14 to celebrate the VITAS’s 20th founding anniversary. The event is expected to see 500 local and foreign guests./.VNA
Export target of US$40 billion of garment and textile industry this year is on the verge of failing to achieve due to several difficulties, such as a shortage of orders and high dependence on imported materials.
Adopting advanced technology and improving the localisation ratio of materials and accessories are textile and garment enterprises’ best chance.