Apparel export target of 40 billion USD within reach

Vietnam's textile and garment industry is expected to reach its export revenue target of 40 billion USD this year, said Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association.

To reach the target, the industry needs an export value growth of at least 11 percent for the rest of the year, he said. According to the association, growth reached only 9 percent in the third quarter, much lower than the same period in 2018, but higher than other textile producers including China, India and Bangladesh.

The association hopes textile enterprises will be able to deliver large orders to push export value up this month, adding that businesses can take advantage of the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost exports to the EU, Canada and Australia. Canada imports textiles and garments worth 13 billion USD each year, but Vietnam's annual apparel exports to this market is estimated at 550 million USD.

Source: VOV5