Textile export earnings forecast to up 1 bln USD against target

Illustrative image (Source: VNA)

According to CEO of the Vietnam National Textile and Garment Group (Vinatex) Cao Huy Hieu, enterprises need to build production and business strategies, focusing on using technologies in production, calling for investment and improving the quality of labourers.

Garment firms were also advised to increase investment for design, and fostering original design manufacturing to increase added value for their products. 

They should also make great efforts to increase labour productivity, Hieu added.

To reach double-digit growth in the year, Vietnamese garment-textile firms should adapt to the market situation in tandem with expanding sales domestically and diversifying products, he stressed. 

The country’s garment-textile export turnover hit 16.5 billion USD in the first six months of 2018, up 16.49 percent compared to the same period last year. 

Notably, garment items contributed 12.86 billion USD to the total, up 15.27 percent year-on-year. Meanwhile, the revenue from fabric overseas shipments reached 787 million USD, a yearly rise of 31.83 percent. 

Strong export growth was reported in most traditional markets for Vietnam’s textiles, including the US, the EU, the Republic of Korea (RoK), China, ASEAN and member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

Items with good growth in the period were fabrics, T-shirts, jackets and dresses. 

Vietnam is among the world’s five biggest garment-textile exporters and producers.  Experts said Vietnam has many opportunities to expand in the field thanks to free trade agreements. 

The signing of the European Union - Vietnam Free Trade Agreement in 2018 is hoped to help Vietnam's textile and garment industry make deeper inroads into this market. 

In 2017, the garment-textile sector raked in 31.2 billion USD from exports, a year-on-year rise of 10.23 percent.

Source: VNA