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.
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.