Vietnam’s textile and garment exports
continue to grow
The exports of Vietnam textile and garment sector climb over
17% in the first nine months of this year.
According to the data from Vietnam’s Ministry of Industry
and Trade, textile and garment exports were valued at US$
22.56 bn in the period, representing growth of over 17% on
last year. The main export markets are the US, the EU,
Korea, China and the Comprehensive and Progressive Agreement
for TPP (CPTPP) – or TPP-11-countries.
In 2017, Vietnam’s textile and garment industry earned US$
31 billion from exports, a year-on-year increase of over 10
percent. This growth momentum will continue in the next few
years, with exports predicted to reach US$ 34-35 billion
this year, and US$50 billion by 2020. Garment manufacturing
accounts for the majority of businesses, at 70 percent.
According to new figures, the country’s industrial
production index is estimated to increase by 10.6% in the 9
months period; the highest growth since 2012.
Manufacturing continued to be the bright spot of the
industrial sector and the main engine of economic growth
with an increase of about 12.65%.
Vietnam is the world’s third largest clothing exporter and
has benefited as producers and buyers diversify their supply
chains, helped by its low labor costs and industry focus on
specialization, modernization, and increasing value