Garment and textile export likely to hit US$24.5 billion
Vietnam’s garment and textile export turnover is likely to hit US$24.5 million this year, a year-on-year rise of 19% - the largest increase in the past three years, according to Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex).
Truong said in recent years, Vietnam’s garment and textile sector has focused on diversifying the sources of supply of materials to ease the dependence on foreign source and increase the flexible competition capacity.
To date, the sector has raised the localisation rate to more than 50%.
Vietnam's upcoming free trade agreements with the EU, the Republic of Korea, and the Customs Union of Russia, Belarus and Kazakhstan, and the Trans-Pacific Partnership are expected to open up huge opportunities for the sector.
However, it needs to improve its productivity, quality, and competitiveness with investment in new technologies, machinery and innovation.