The Vietnam National Textile and Garment Group (Vinatex) has set an ambitious target of achieving USD 39 billion in export revenue this year, equal to that of 2019. Last year, the group could achieve exports worth only USD 35 billion due to the pandemic, U.S.-China trade tensions and Brexit.

However, Vietnam was the only country among the world’s top five garment-textile exporters that did not cease production during the pandemic. According to Vietnam Times, the country was able to achieve export revenues worth VND 15.5 trillion last year and a profit of 628.9 billion.

 

In the first four months of the current financial year, Vietnam’s textile and garment exports increased 13.33 percent to USD 11.747 billion compared to the same period last year, reveals Vietnam Textile and Apparel Association (VITAS).

 

Garment exports dominated during the year with revenues worth USD 8,766 billion. This was followed by fiber exports worth USD 1,638 billion, and fabric exports amounting to USD 740 million. Most exports were to the U.S., Europe and Japan during the year.

 

Experts attribute this vigorous growth in exports to the gradual recovery in several of its key markets and opportunities being offered by new free trade agreements. Vietnam’s local textile sector index during the period increased 8.1 percent year-on–year, while clothing industry index increased 9.1 percent. The combined turnover of the garment and textile industry during the year increased 15 percent while that of all kinds of fibers and yarns increased 60 percent.

 

Source: fashionatingworld.com