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Vietnam’s textile exports earnings up 10 per cent

Vietnam’s textiles export earnings in the first six months of this year rose 10.26 per cent compared to the same period last year says Vietnam National Textile and Garment Group (Vinatex). The US, South Korea and the European Union were the biggest importers of Vietnamese products, posting growth rates of 11.01 per cent, 8.33 per cent, and 8.2 per cent against the same period last year.

Vietnam is the fourth largest textile exporter in the world. The sector will need to make additional efforts to seek new markets and opportunities, and establish partnerships with major groups to be able to sign high-value orders in the remaining months of this year.

Vietnam’s leather and footwear industry expects to raise its export value by 10 per cent this year. Footwear currently ranks fourth and suitcase-bag-briefcase ranks tenth among Vietnam’s top ten foreign currency earners. To achieve the target, the leather and footwear sector needs to boost technological innovation, invest in new equipment and modernise existing equipment, expand the production scale of domestic enterprises to increase productivity as well as improve the quality of products.

Another promising element is the Vietnam-European Union free trade agreement, which will take effect in 2018 and afford Vietnamese footwear makers more opportunities to boost exports.