Vietnam's textile-garment sector may hit $40 bn in exports

06 Nov '19

2 min read

Pic: Shutterstock

Vietnam’s textile and garment industry is likely to reach its target of $40 billion in export turnover this year despite facing difficulties in some markets, Cao Huu Hieu, managing director of the Vietnam National Garment and Textile Group (Vinatex) said after the sector reported export earnings of $29.3 billion in the first nine months of this year.

The domestic market is expected to earn $9 billion this year. he said.

After a quiet period, the fibre sector has started showing prosperity with customers displaying more interest and it is hoped the market will correct itself over the next year and return to the highs seen in 2016-17, he said.

A Vinatex survey of about 150 enterprises showed that employment opportunities within the industry over the next 10 years would still be high.

Many businesses have set up e-commerce systems deals or invested in their own online sales services to increase domestic market share, according to a report in a Vietnamese newspaper.

Viet Tien Company has invested in a fashion design centre, while Duc Giang Corporation has focused on building and developing its own brands like Paul Downer, HeraDG and Forever Young.

Other enterprises such as Nhe Be and May 10 are also offering fashionable products in various styles and categories to meet diverse consumption needs, ensuring quality and design to follow international trends.

Fibre2Fashion News Desk (DS)

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