Textile-garment exports fetch 4.89 billion USD in two months

The country's textile-garment export turnover reached 4.89 billion USD over the past two months, up 19 percent year-on-year, according to the Ministry of Industry and Trade (MoIT).

Among products recording significant export growth included fabrics made from natural fibers at 14 percent, fabrics from synthetic fibers at 14 percent and clothing at 11 percent.

The ministry attributed the period's positive performance to the fact that many businesses had received orders for the first six months of this year or even the whole year.

Sharing the MoIT's assessment, Chairman of the HCM City Textile and Garment - Embroidery Association Pham Xuan Hong said he believed that the prospects of domestic textile and garment industry were quite positive this year thanks to adequate orders from foreign partners.

Nguyen Van Can from the HCM City-located 28 Corporation told the online newspaper congthuong.vn that thanks to positive market demand, its member companies and subsidiaries had won contracts for the first quarter.

As well as a rising number of orders, Vietnamese textile and garment goods had become more attractive to foreign customers thanks to their strong competitiveness in terms of quality and price compared to those of rival countries in the region, according to trade experts.

The supply chain, which had been gradually completed thanks to increasing flow of capital invested in the textile and dyeing industry and free-trade agreements Vietnam had inked with several countries and blocs, had made Vietnamese garment products much more attractive, they said.

The textile and garment industry would likely generate 40 billion USD from exports by the end of this year, up 10.8 percent year-on-year, the Vietnam Textile and Apparel Association (VITAS) has forecast.

The industry's trade surplus was expected to reach 20 billion USD this year. Employment would be ensured and income for 2.85 million workers would be increased, said VITAS.

These targets were based on a successful year in 2018, when export turnover of garments and textiles products reached more than 36 billion USD, marking a year-on-year increase of 16 percent. This level of growth would make the nation one of the top three largest exporters of textiles and garments in the world.

Source: People's Army Newspaper