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Textile export earnings forecast to up 1 bln USD against target

Vietnam’s garment-textile export turnover is expected to hit 18.5 billion USD in the second half of 2018, bringing the year’s export value to 35 billion USD, 1 billion USD higher than the target set for the year, heard a press conference in Hanoi on July 30.
Textile export earnings forecast to up 1 bln USD against target ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) - Vietnam’s garment-textile export turnover is expected to hit 18.5 billion USDin the second half of 2018, bringing the year’s export value to 35 billion USD,1 billion USD higher than the target set for the year, heard a press conferencein Hanoi on July 30.

According to CEO of the Vietnam National Textile and Garment Group (Vinatex)Cao Huy Hieu, enterprises need to build production and business strategies,focusing on using technologies in production, calling for investment andimproving the quality of labourers.

Garment firms were also advised to increase investment for design, and fosteringoriginal design manufacturing to increase added value for their products.

They should also make great efforts to increase labourproductivity, Hieu added.

To reach double-digit growth in the year, Vietnamese garment-textilefirms should adapt to the market situation in tandem with expanding sales domesticallyand diversifying products, he stressed.

The country’s garment-textile export turnover hit 16.5billion USD in the first six months of 2018, up 16.49 percent compared to thesame period last year.

Notably, garment items contributed 12.86 billion USD to thetotal, up 15.27 percent year-on-year. Meanwhile, the revenue from fabric overseasshipments reached 787 million USD, a yearly rise of 31.83 percent.

Strong export growth was reported in most traditional markets for Vietnam’stextiles, including the US, the EU, the Republic of Korea (RoK), China, ASEANand member nations of the Comprehensiveand Progressive Agreement forTrans-Pacific Partnership (CPTPP).

Items with good growth in the period were fabrics, T-shirts,jackets and dresses.

Vietnam is among theworld’s five biggest garment-textile exporters and producers.  Experts said Vietnam has many opportunities toexpand in the field thanks to free trade agreements. 

The signing of the European Union - Vietnam Free Trade Agreement in 2018 ishoped to help Vietnam's textile and garment industry make deeper inroads intothis market.

In 2017, the garment-textile sector raked in 31.2 billion USD fromexports, a year-on-year rise of 10.23 percent.-VNA
VNA
#garment-textile export turnover #target #Vinatex #Cao Huy Hieu #labour productivity #CPTPP #free trade agreements #Vietnamplus #European Union - Vietnam Free Trade Agreement #Vietnam News #Vietnam News Agency
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