Vietnam eyes $40b garment, textile exports this year

Vietnam will achieve garment and textile export turnovers of 40 billion US dollars this year, up 10.8 per cent from last year, the Vietnam Textile and Apparel Association (VITAS) has said.

To this end, the world's third biggest garment and textile exporter is focusing on producing items with high competitiveness in the world market, and improving its garment and textile supply chain, it said.

The association also said that the local and foreign investments are pouring into the country’s weaving, dyeing, material and accessory segments.

Vietnam earned over $36 billion from exporting garments and textiles, including T-shirts, jackets and dresses in 2018, up more than 16 per cent from 2017, the VITAS said on Friday.

Its main export markets included the ASEAN, Japan, South Korea, the European Union, and the United States, reports Xinhua.

However, Vietnam had to spend over $3.0 billion importing cotton, $2.4 billion on yarn, $12.9 billion on fabric, and more than $5.7 billion importing materials and accessories for production of garments, textiles and footwear, according to the General Statistics Office.