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Vietnam garment sector targets $55 bn from exports by 2025
16 Dec '20
1 min read
Pic: Shutterstock
Vietnam’s garment sector has set a target of earning $55 billion from exports and generating 3 million jobs by 2025, according to the Vietnam Textile and Apparel Association (VITAS), which met at its sixth congress in Hanoi recently. To meet the targets, the sector will capitalise on free trade agreements the country has signed with its partners.
VITAS has suggested that the ministry of industry and trade should soon submit a strategy to the government for the development of Vietnam’s textile and garment sector till 2030 and a vision till 2035.
It also proposed that the government and ministries accelerate administrative reform, remove barriers, ensure a sound business investment environment and reduce costs for businesses, according to Vietnamese media reports.
Vietnam’s garment exports have increased considerably from $28.1 billion in 2016 to $38.9 billion in 2019, posting an average growth rate of 9.55 per cent annually. The 2020 figure is expected to be $35.2 billion.
VITAS has suggested that the ministry of industry and trade should soon submit a strategy to the government for the development of Vietnam’s textile and garment sector till 2030 and a vision till 2035.
It also proposed that the government and ministries accelerate administrative reform, remove barriers, ensure a sound business investment environment and reduce costs for businesses, according to Vietnamese media reports.
Vietnam’s garment exports have increased considerably from $28.1 billion in 2016 to $38.9 billion in 2019, posting an average growth rate of 9.55 per cent annually. The 2020 figure is expected to be $35.2 billion.
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