Vietnam’s textile & garment industry: changed vision for development

The Hanoitimes – Despite many difficulties in the first few months of 2017, but by the year end, export value of the Vietnam’s textile & garment industry has reached record high, which is expected to continue its growing trend as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will soon come into force. Under the negative impact of the US’s decision in withdrawing from the Trans – Pacific Partnership (TPP), main export products of Vietnam, including textile & apparel products had been under pressure to achieve targets for trade value. However, by the end of 2017, total export value of Vietnam reached US$ 31 billion, up 10% compared to last year’s figure. In which, garment export up to US$ 25.9 billion, an increase of 8.7% year by year; textile export reached US$ 3.5 billion, up 19.9% compared to 2016.  These are impressive achievement amidst the unstable surroundings created by the global’s tendency toward protectionism and anti-globalization movement. According to the Chairman of Vietnam Textile & Apparel Association (VITAS) Vu Duc Giang, textile’s export value has been on high level recenty, which is expected to continue growing with many large textile – garment projects going into operation.  In the import side, materials imported to Vietnam in 2017 reached US$ 18.9 billion, for input matetials serving the purpose of producing exporting goods, its import value for textile production in Vietnam reached US$ 15.48 billion, resulting trade surplus of the garment industry to US$ 15.5 billion.  VITAS stressed the success of Vietnam’s… [Read full story]

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