In 2017, the United States remained Vietnam’s top export market, accounting for 48.3 per cent of Vietnam’s textile and garment exports.
Contrary to pessimistic forecasts following the withdrawal of the US from the Trans-Pacific Partnership, Vietnam’s textile and garment firms signed export contracts with United States’ importers.
Garment and textile enterprises have increased their investment in improved production systems, designed more competitive products, and sought new markets.
This achievement is attributed to businesses’ careful preparations and the country’s policy of supporting the development of auxiliary industries.
After many years depending on imports, Vietnam gained 3.5 billion dollars from exports of fiber and yarn as well as 1.5 billion dollars from textile accessories.
As the fiber sector is encountering anti-dumping tariffs in some major export markets like Turkey, India, and Brazil, this outcome proves encouraging.
After Turkey imposed anti-dumping tariffs on several types of export fibers, such as draw textured yarn and synthetic fiber in 2016, Vietnamese firms have been successful in finding alternative markets, which was the factor behind the more than 20 per cent jump in the fiber sector’s ten-month export value.
Vietnam’s total export turnover is expected to be up ten per cent over last year.