Vietnam’s garment and textile exports is likely to reach $200 billion by 2035 fuelled by import tax reduction brought about by free trade agreements, increasing automation in production and favorable world market. Vietnam’s garment sector is likely to rake in $34.5 billion from exports this year. The sector has great potential for development to 2035. However, thorough preparations to meet the target export value is needed. Firstly, the domestic material consumption rate needs to be raised, aiming at 80 per cent of fibres and 60-65 per cent of other materials by 2030-2035.
Vietnam is now less dependent on Chinese materials as domestic materials can meet 40-45 per cent of the sector’s demand. The rest of it is imported from China, Japan, Indonesia, the Republic of Korea and Thailand.