Business

Garment-textile sector targets 38-39 billion USD in 2021 export revenue

Vietnam’s garment-textile export turnover is projected at 38-39 billion USD in 2021, Le Tien Truong, Chairman of the Vietnam National Textile and Garment Group (Vinatex) said on December 29.
Garment-textile sector targets 38-39 billion USD in 2021 export revenue ảnh 1Vietnam's garment-textile sector has adopted comprehensive solutions since the beginning of this year when the supply chain was disrupted. (Photo: VNA)

Hanoi (VNA) – Vietnam’s garment-textileexport turnover is projected at 38-39 billion USD in 2021, according to Le Tien Truong,Chairman of the Vietnam National Textile and Garment Group (Vinatex).

Speaking at an online conference between theGovernment and localities, Truong suggested cutting long-term interest rates,elaborating that garment-textile firms would find it hard to access loans aftera year of low business efficiency.

Enterprises hope for specific policies to be adoptedby the Government to assist the support industry in the sector, he added.

According to Truong, localities have supported the sustainableand clean production of the garment-textile industry which, he said, mustfollow global rules set for the supply chain.

Under the Government management, the sector has reducednon-production costs, especially those for logistics services through thenational logistics network, and other non-tariff costs.

The Ministry of Industry and Trade has also helpedbusinesses optimise new-generation free trade agreements (FTAs) through theissuance of guidance and the launch of a portal on those deals.

Vietnam has signed a total of 17 new-generationFTAs, he said, stressing that a number of countries like Japan have reached upto four pacts with Vietnam.

In 2020, Vietnam is the only among the world’s topfive garment-textile exporters not to have to cease production.

Although Vietnam’s garment-textile export reachedonly 35 billion USD against the 39 billion USD recorded last year, the resultis still remarkable given the global demand dropping over 22 percent.

Truong highlighted comprehensive solutions adoptedby the sector since the beginning of this year when the supply chain wasdisrupted, saying it has worked hard to ensure jobs for more than 4 millionworkhands.

Vinatex is the only that does not need to take anyallowances for employees to maintain its position in the supply chain, hesaid./.
VNA
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