BUSINESS Updated at 08:54:56 07/10/2018  (Views:  30 )
Vietnam is world

Vietnam is world’s fifth largest garment exporter

Vietnam’s garment sector has seen strong growth in recent years, making the country the world’s fifth largest producer and exporter of garment products, according to the government website.

Vietnam's garment exports reached US$16 billion in the first half of 2018.

In the first six months of 2018, Vietnamese garment companies exported US$16 billion worth of goods, up 14% compared with the same period last year.

Key markets such as the US, the CPTPP member countries, the EU, China, and the Republic of Korea have all recorded tremendous growth in the first six months of 2018. The main exports were T-shirts, coats and dress shirts.

In 2017, the sector generated export revenue of US$31 billion, up 10.23% against a year earlier and is expected to bring in over US$33 billion or even up to US$35 billion this year.

According to experts, Vietnam’s garment sector has a bright outlook to expand its market in the future thanks to several free trade agreements with a series of key partners.

However, Chairman of the Vietnam Textile and Apparel Association, Vu Duc Giang, warned that the sector will still face numerous challenges in the remainder of 2018 and the subsequent years due to slow demand growth and tougher competition.

He advised local enterprises, especially small and medium-sized enterprises to quickly employ modern manufacturing techniques and renovate their designs and distribution network to tap into the domestic market.

Source: NDO

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