Vietnam’s garment and textile exports to grow 11.5% a year till 2020

The Vietnam Textile and Apparel Association (VITAS) said that the garment and textile sector exports will grow an average of 11.5 per cent per year from now till 2020.

According to the VITAS reports, the sector is expected to generate export revenue of US$27.5 billion this year, and increase this value to $31 billion next year and $45 billion to $50 billion by 2020.

Vietnam’s garment and textile exports totalled $20 billion in the last nine months of this year, an increase of 10 per cent over the same period last year.

Tariffs for Vietnamese garment and textile products will reduce from 18 per cent to zero per cent following the Trans-Pacific Partnership (TPP), and from an average 11 per cent to zero per cent following the Viet Nam-European Union Free Trade Agreement.

“If these agreements take effect, then it will boost the growth and development of the garment and textile industry for longer term,” said Vu Duc Giang, president of the Vietnam Textile and Apparel Association (VITAS).

Viet Nam has been among the top 10 garments and textile exporters in the world for the last 10 years.

The country exports its products to 180 countries and territories, with the United States, the European Union, Japan and South Korea being major markets.