Vietnam targets US$40bn in textile-garment
exports in 2019
The Vietnam Textile and Apparel Association (VITAS)
has set a target of $40 billion in export turnover for the
calendar year 2019, 10.8 percent higher than the $36 billion
in 2018, which was a 16 percent rise year-on-year. The
countryís garment and textile exports are also forecast to
hit US$200 billion by 2035.
Experts said that in 2019, the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP) is hoped to
create a boost for many industries of Vietnam, including the
textile and garment sector. In addition, the textile and
garment sector is also waiting for more orders shifted from
China to Vietnam due to the US-China trade war.
Many businesses have already received orders for the next
first six months of 2019 and even the whole year. Vietnamís
products are highly competitive and the country gradually
completed the textile supply chain because flows of capital
investment in the textile and dyeing industry, and material
have been on the rise.
According to the Ministry of Industry and Trade, 2019 will
continue to be a challenging year for the sector to
integrate into the global textile supply chain.
The chart is showing the top exports market of Vietnamís
textile and garments to
Especially, the fourth industrial revolution will have great
impacts on the textile and garment industry in the coming
time, forcing it to change and strongly increase investment
in equipment and personnel.
Many consumers now require origin certifications and
environmentally-friendly products, so textile and garment
enterprises need to ensure global standards of materials to
ensure the health of customers.
Many experts feel the garment sector has great potential for
development from now to 2035. The sector should make
thorough preparations to fulfill the target of US$200
billion in export value by 2035.
The domestic material consumption rate should be raised,
aiming at 80% of fibers and 60-65% of other materials by
According to VITAS, with further investment in fiber
production, Vietnam is now less dependent on materials from
China. Domestic materials can meet 40-45% of the sectorís
demand while the rest is imported from China (37%), Japan,
Indonesia, the Republic of Korea and Thailand.