With the bright outlook of both global and domestic economies, the textile-garment sector’s exports target of 34 – 34.5 billion USD for 2018 is achievable, Vice Chairman of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam said.
At a meeting on April 17 to review the sector’s performance in Q1, he said textile-garment firms received enough orders until the end of the second quarter of 2018, and some even had orders through the third quarter.
Many companies said they have been working to diversify export markets. Apart from the key markets like the US, the EU, Japan and the Republic of Korea, they are also stepping up export to China, Russia and Cambodia.
Cam said in the coming time, VITAS will push ahead with trade promotion programmes, specialised training, and experience sharing. It will also encourage the application of smart production models to help businesses boost sustainable development.
He noted that Vietnam’s textile-garment sector gained positive outcomes in Q1 amid the global economy forecast to post higher growth rate in 2018 and the stable domestic economy.
Textile-garment exports in Q1 are estimated at 7.62 billion USD, up 13.35 percent from the same period of 2017. Of this figure, 5.98 billion USD worth of apparel was shipped abroad, rising by 12.49 percent year on year.
Exports to the key markets like the US, the EU, the Republic of Korea, China, ASEAN, and members of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) enjoyed strong growth.
In 2017, the industry gained a year-on-year increase of 10.23 percent in export revenue to 31 billion USD, higher than its target set at the beginning of the year at 30 billion USD.