Vietnam textile and garment sector strives hard to set firm in global market

Textile and garment sector of Vietnam has been playing an important role in national socio-economic development of the country. Not only the textile and garment sector in recent years has witnessed fast and sustainable growth but has been contributing significantly to country’s total export revenue. Vietnam’s garment and textile sector earned US$19.8 billion from exports in 2013, up 16.9 percent year-on-year of which garments and textiles exported to 11 TPP economies stood at over US$11 billion

Vietnam’s garment and textile industry has to date posted a year-on-year rise of 16.4 percent in exports with US$10.21 billion in revenue. Vietnam produces products that are exported to over 50 countries around the world. The highest growth of export registered from Vietnam is to South Korea at 30.1 percent, followed by the U.S at 14.5 percent and Europe at 11.3 percent.

State-owned Vietnam National Textile and Garment Group (Vinatex) from start of the year raked in US$1.62 billion from exports, posting a year-on-year increase of 15 percent.

The group is focusing on a number of sub-material projects to boost production capacity and to cater demands of the Trans Pacific Partnership (TPP) Agreement. It also plans to launch initial public offering (IPO), the first sale of stock to the public in Ho Chi Minh City on July 22.

Every year, the textile and garment sector also gives employment for 2.2 million people, generating income for the workers.

To boost the growth of the textile industry in Vietnam, it’s Ministry of Industry and Trade has recently approved a textile and garment industry development plan for 2020, with a vision for 2030.