The exports of Vietnam textile and garment sector climb over 17% in the first nine months of this year. A report that was published by Vietnam’s National Textile & Garment Group (Vinatex) said this.
According to the data from Vietnam’s Ministry of Industry and Trade, textile and garment exports were valued at US$ 22.56 bn in the period, representing growth of over 17% on last year. The main export markets are the US, the EU, Korea, China and the Comprehensive and Progressive Agreement for TPP (CPTPP) – or TPP-11-countries.
In 2017, Vietnam’s textile and garment industry earned US$ 31 billion from exports, a year-on-year increase of over 10 percent. This growth momentum will continue in the next few years, with exports predicted to reach US$ 34-35 billion this year, and US$50 billion by 2020. Garment manufacturing accounts for the majority of businesses, at 70 percent.
According to new figures, the country’s industrial production index is estimated to increase by 10.6% in the 9 months period; the highest growth since 2012.
Manufacturing continued to be the bright spot of the industrial sector and the main engine of economic growth with an increase of about 12.65%.
Do Thang Hai, Deputy Minister for Industry and Trade, said, “Trade and industry achieved remarkable results during the year, making a positive contribution to the national economy.”
Vietnam is the world’s third largest clothing exporter and has benefited as producers and buyers diversify their supply chains, helped by its low labor costs and industry focus on specialization, modernization, and increasing value addition.