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Vietnam's textile-garment export turnover $16 bn in H1 '18
Jul '18
Vietnam is among the world’s five biggest textile exporters and producers, with textile and garment export turnover hitting $16 billion in the first half of 2018 — a rise of more than 14 per cent year on year. According to Vietnam Textile and Apparel Association (VITAS) president Vu Duc Giang, the textile industry reported positive results in the last two quarters.

The production of fabrics from natural yarn during the period was estimated to be 274.6 million sq mts, a year-on-year rise of 9.7 per cent, while the production of synthetic fabrics and clothing was estimated at 525.9 million sq mts, and 2,305 million of clothing units, up 21.1 per cent and 10.4 per cent, respectively, over the same period last year, Giang said.

Exports to the United States, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member nations, the European Union (EU), South Korea, China and the Association of South East Asian Nations (ASEAN) posted stronger growth than the January-June period last year, according to a Vietnamese news agency report.

However, the sector will still face many difficulties in the rest of 2018 and the next few years amid stagnant consumption demand and fierce competition in the global textile market, he cautioned, as global textile and garment demand is projected to rise by only 1-2 per cent.

The United States and the EU still levy 17.5 per cent and 9.6 per cent duties on Vietnamese textile products respectively, while they do not levy any duty on such imports from many other developing nations like Cambodia and Myanmar, he added.

In 2017, the garment-textile sector raked in $31.2 billion from exports, a year-on-year rise of 10.23 per cent. (DS)

Fibre2Fashion News Desk – India

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