Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

Vietnam eyes $39 bn textile-garment exports in 2021

Vietnam’s textile and garment industry is eyeing US$39 billion export revenue in 2021. Vietnam National Textile and Garment Group (Vinatex) recently said the country’s textile and garment exports was worth $35 billion in 2020 due to the severe disruption of the COVID-19 pandemic, US-China trade war, Brexit and trade protectionism.

Figure: Vietnam’s textile and garment industry is eyeing US$39 billion export revenue in 2021. Courtesy: ILO/Aaron Santos, CC BY-NC-ND 2.0

Vinatex added that despite the pandemic and given global demand drop, the 22% export growth was extraordinary.

The country is one of the world’s top five textile and apparel exporting nations that has not paused production during the pandemic.

Vinatex logged a total of 15.5 trillion VND ($670.7 million) in revenue and combined profits of 628.9 billion VND, equivalent to 106% and 164.8% of the set targets respectively, reported a local news agency.

Le Tien Truong, Chairman, Vinatex urged Vietnam’s government to cut long-term interest rates, adding the textile and garment manufacturers would find it tough to access loans after a year of low business efficiency.

Under government management, the sector has abridged non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

Related posts

Vietnam factory shutdown strains global fashion supply chain

Textile Today

Vietnam surpasses Bangladesh in RMG exports

Nurnahar Akter Tania

Vietnam’s success journey putting Bangladesh’s RMG sector under threat

Textile Today

Latest Publications

View All