Vietnam garment sector targets $55 bn from exports by 2025
16 Dec 20 1 min read
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.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
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.
Fibre2Fashion News Desk (DS)
Popular News
|
UFLPA’s impact on US textile imports: A shift in global trade dynamics |
|
Bangladesh 3rd largest apparel supplier for Malaysia this year |
|
3 RCEP members among top 10 markets for Cambodian garments |
|
USTR releases 4-year review of China tariffs, to take further action |
|
China’s apparel exports to Russia up; fabric down in Jan-March |
|
Kasturi Cotton program revives India’s historic cotton legacy |