Home / Knowledge / News / Textiles / Vietnam's garment sector targets $34 bn export turnover
Vietnam's garment sector targets $34 bn export turnover
06
Jan '18
Vietnam’s textile and garment industry has targeted a year-on-year increase of 10 per cent in export value to $34 billion in 2018 despite difficulties in markets at home and abroad, according to Le Tien Truong, general director of the Vietnam National Garment and Textile Group (Vinatex). He recently reported Vinatex’s performance at a meeting in Hanoi.

Vinatex reported its total revenue in 2017 was 45.55 trillion VND ($2.02 billion), out of which domestic sales contributed 10.39 trillion VND, which is 22.8 percent of the total revenue. The pre-tax profit in 2017 reached 1.43 trillion VND, the group disclosed.

The organisation has set a revenue target of 48.5 trillion VND and a pre-tax profit of 1.45 trillion VND for 2018, a Vietnamese news agency reported.

As Vietnam’s textile and garment industry will face more competition this year, Truong urged the industry to continue to invest in technology to create stability, sustainability and efficiency in production.

Last year, the country exported textile and garments worth $31 billion, higher than its target of $30 billion. Major markets such as the United States, the European Union, Japan and the Republic of Korea maintained good growth, while there were breakthroughs in exports to other markets such as China, Russia and Cambodia, said Truong.

The Korean market jumped to the fourth position in 2017, close to the Japanese market, reaching an export value of $2.7 billion. Exports to China last year was $3.2 billion, the same as the export value to Japan.

This year, the ministry of industry and trade will withdraw 53.5 per cent of its shares in Vinatex as part of the prime minister’s divestment initiatives. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

'Sportswear is much more mainstream than earlier'

Fashion | On 20th Jul 2018

'Sportswear is much more mainstream than earlier'

The business of sportswear has evolved at a fast pace over the years. ...

Courtesy: YKK

Textiles | On 20th Jul 2018

Japanese firm YKK explores opening office in Uzbekistan

Japanese company YKK recently discussed with the Uztuqimachiliksanoat ...

HFPA alerts member firms on latest US tariff announcement

Textiles | On 20th Jul 2018

HFPA alerts member firms on latest US tariff announcement

The US Home Fashion Products Association (HFPA) has alerted its...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search