Vietnam’s industry and trade ministry aims to raise exports by 6 per cent this year, recording a trade surplus for nine consecutive years. The surplus is estimated at $15 billion now.

The country’s textile industry aims for an export turnover of $44 billion this year—a 9.2 per cent rise over last year’s $40.3 billion, said chairman of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam.

Crucial to achieving this target are capitalising on free trade agreements (FTAs), signing deals with new markets like Israel or the United Arab Emirates, attracting foreign investment and continuing strong political ties with the United States, China and the European Union (EU) that have created momentum for economic, trade and investment partnerships, the ministry feels.

Orders from the United States are likely to rise as it does not have very high inventories and the Federal Reserve is considering lowering interest rates.

However, challenges like trade protectionism, defence mechanisms and barriers in multiple countries continue, the ministry noted.

The Agency of Foreign Trade will support firms in utilising FTAs to boost exports and switch to official export channels with effective branding; expanding markets and boosting consumption; and getting them updated on changes in export policies, according to a report in a Vietnamese media outlet.

Vietnamese businesses are still struggling with supply chain difficulties and high input prices as well.

Fibre2Fashion News Desk (DS)

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