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Vietnam’s to export $40 billion textiles and garments by 2019-end

The Vietnam Textile and Apparel Association (Vitas) has forecasted that textile and garment exports in India are likely to increase 10.8 per cent year-on-year to reach $40 billion by the end of this year. According to the Ministry of Industry and Trade, Vietnam’s turnover of textile and garments exports increased 19 per cent year-on-year reaching $4.89 billion over the past two months.

Among the products that recorded significant export growth included fabrics made from natural fibers at 14 per cent, fabrics from synthetic fibers at 14 per cent and clothing at 11 per cent. The ministry attributed the positive performance to the fact that many businesses had received orders for the first six months of this year or even the whole year. Vietnamese textile and garment goods have become more attractive to foreign customers thanks to their strong competitiveness in terms of quality and price compared to those of rival countries in the region, according to trade experts.

The supply chain, which had been gradually completed thanks to increasing flow of capital invested in the textile and dyeing industry and free-trade agreements Vietnam had inked with several countries and blocs, had made Vietnamese garment products much more attractive.