Textile and garment exports increase in seven months

TIN LIÊN QUAN
	Tien Giang raises over 430,000 USD for AO/dioxin victims in 7 months
	Upturn seen in rubber exports in seven months

Export revenue of Viet Nam’s garment and textile industry was estimated at US$18.34 billion in the first seven months of 2019. (Photo: VGP)

Domestic production of garment and textiles has enjoyed robust expansion on the back of the new-generation free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Viet Nam Free Trade Agreement.

The export revenue hike was due to opportunities and market expansion as the result of the signing of free trade agreements such as the CPTPP, with a tax exemption roadmap to 0% and other incentives.

In the January-July period, the production of fabric from natural fibers went up by 8.4% while fabric from synthetic fibers rose by 11.5%. The production of casual clothes also increased by 8.8% compared to the same period last year.

Chairman of the Viet Nam Textile and Apparel Association (VITAS) Vu Duc Giang said the association set the industry’s export turnover for this year at US$40 billion, a year-on-year increase of 10.8%.

According to Giang, the U.S. will remain the biggest importer, accounting for 42% of Viet Nam’s total exports, followed by the EU (21.5%), Japan (19.5%), and the Republic of Korea (14%). Meanwhile, the Middle East will be a new market of Vietnamese garment and textiles.

The export revenue of footwear of all types also surged by 13.8% year-on-year to reach US$10.4 billion in the first seven months of 2019.

The MoIT said that despite increasingly export revenue, Viet Nam’s apparel and footwear sectors maintain dependence on foreign direct investment (FDI) enterprises and mainly do outwork with a large proportion of materials being imported.

In addition, the ministry suggested that enterprises in these areas should establish production chains and meet the rules of origin of FTAs to take advantage of incentives and compete with other rivals.

A 'colorful' overview on citizen protection during the first months of 2019 TGVN. In the early months of 2019, the work on citizen protection has witnessed many new improvements. Rapid changes in the international situation have influenced Vietnam’s ...

Agro-forestry-fishery exports generate 23.03 billion USD in seven months The agro-forestry-fishery sector raked in 3.55 billion USD from exports in July, raising the total value in the first seven months of this year to ...

Firms advised to better product quality to boost exports to EU Vietnamese enterprises should improve the quality of their products and meet all the requirements of the European Union to enjoy tariff-related advantages and increase exports ...