Garment-textile sector raises export target to 35 billion USD

The garment-textile sector expects to gross 35 billion USD in export turnover in 2018, higher than the target set at the beginning of the year, thanks to a large number of orders from foreign partners and bright prospects of the world and domestic economies. ​
Garment-textile sector raises export target to 35 billion USD ảnh 1The garment-textile sector expects to gross 35 billion USD in export turnover in 2018. (Photo: VNA)

Hanoi (VNA) – The garment-textile sector expects to gross 35billion USD in export turnover in 2018, higher than the target set at thebeginning of the year, thanks to a large number of orders from foreign partnersand bright prospects of the world and domestic economies.

Vice President of the Vietnam Textile and Apparel Association (VITAS)Truong Van Cam said domestic businesses have received full orders for the thirdquarter of this year and are negotiating to secure long-term contracts through2019.

Many garment-textile firms in the southern economic hub of Ho Chi MinhCity revealed that they have received orders until the end of this year, evenfor the first months of 2019.

“Though the prices are likely to decline, thenumber of orders has been surging this year, especially with large-scaleenterprises”, Cam said.

According to Chairman of the HCM City Association of Garment, Textile,Embroidery and Knitting Pham Xuan Hong, there are numerous prospects for thegarment-textile sector this year thanks to a certain number of orders.

However, there remain challenges facing local businesses ahead,including fiercer competition from regional countries such as China, Myanmar andCambodia, he noted.

To realise the export goal, General Director of the Vietnam NationalTextile and Garment Group (Vinatex) Le Tien Truong said creating high-qualityproducts with reasonable prices and ensuring on time delivery are the mostfundamental solutions of the sector.

Vietnam’s garment-textile sector should not receive cheap orders insteadof reasonable prices that require high skills and techniques, he said.

The solution to this matter is making appropriate investment intechnologies to increase labour productivity not only through the skills ofworkers but also the production system, management and computerization inadministration and automation in each stage, he recommended.

Truong unveiled that most of importers make big orders in Vietnam, and theyhave only shifted small orders to other countries like Myanmar and Cambodia, asVietnamese firms are spending big on new technologies to increase productivityand competitiveness.

Furthermore, free trade agreements have helpedVietnam diversify its export markets and address the shortage of materials, hesaid.

From importing most of raw materials for production, the garment-textileindustry now exports more than 3 billion USD worth of yarn, nearly 1 billionUSD worth of fabric, and 400 million USD worth of garment accessories each year,Truong said.

Particularly, the fourth industrial revolution (Industry 4.0) haschanged the mindset of businesses in regards to technology investment, thegeneral director added.

Garment-textile companies have paid more attention to developing humanresources and using technology to create quality products by selecting highvalue production segments such as Original Design Manufacturing (ODM) and OwnBrand Manufacturing (OBM).

In 2017, the garment-textile sector raked in31.2 billion USD from exports, a year-on-year rise of 10.23 percent.

In the year, Vietnam’s garment-textile exports to major markets like theUS, the EU, Japan, the Republic of Korea and Russia increased by 7.2 percent,9.23 percent, 6.1 percent, 11.8 percent and 56 percent, respectively.-VNA
VNA

See more

An overview of the meeting (Photo: VNA)

Binh Duong works to remove obstacles facing major FDI firms

Authorities of the southern industrial hub of Binh Duong held a meeting with two major foreign direct investment (FDI) enterprises operating in the province to address challenges facing the firms in production and business operations while encouraging their further expansion.

Real estate investors eye industrial zones with strong transport infrastructure. Illustrative image (Photo:VNA)

Real estate rises with infrastructure boom

According to Savills Vietnam, a more favourable real estate investment environment is expected in 2025 as cyclical challenges subside and the market continues its recovery.

At the February 14 meeting between Lao Prime Minister Sonexay Siphandone and a delegation of Vietnamese businesses and international enterprises from various countries. (Photo: VNA)

Vietnam strengthens business and investment ties in Laos

Highlighting Laos's vast potential for trade and investment cooperation, Lao Prime Minister Sonexay Siphandone said that Laos is an attractive investment destination, particularly in agriculture, tourism, logistics, and infrastructure development.

Lao government officials and representatives of Vietnamese businesses at the seminar (Photo: VNA)

Vietnamese firms eye investment in Laos

He reaffirmed Laos as a key investment destination for Vietnamese and global firms, highlighting opportunities in agriculture, tourism, logistics, and infrastructure.

Vice Chairman of the Bac Giang People's Committee Mai Son (Photo: bacgiang.gov.vn)

Bac Giang speeds up non-state budget investment projects

In the coming period, the northern province of Bac Giang will focus on addressing challenges to non-state budget investment projects and expediting their progress, affirmed Vice Chairman of the provincial People's Committee Mai Son.

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.