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Vietnam's textile sector is 5th in world: VCOSA
05 Jul '18
1 min read
The Vietnam Cotton and Spinning Association (VCOSA) recently said the textile sector has the second highest export turnover and occupies fifth position in the world. Vietnam exported textile items worth more than $31 billion last year, representing an annual rise of 10.23 per cent. The growth is expected to continue this year with an estimated revenue of $33 billion.
Between 2018 and 2022, the export tax on certain products will be reduced to zero, creating new opportunities for the country to promote economic growth, Tran Thanh Hai, deputy head of the department of export and import under the ministry of industry and trade, said at the 4th Vietnam Textile Summit 2018 organised in Hanoi on June 27 by the ECV International and VCOSA.
Competitive labour costs and preferential policies will continue to help Vietnam become one of the ideal destinations for investors in the sector, a Vietnamese newspaper quoted Hai as saying. (DS)
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