2019 Vietnam's textile industry is expected to exceed 40 billion U.S. dollars in exports

As the Sino-US trade war continues, my country’s textile industry and foreign-funded textile companies have moved abroad one after another. Among them, Vietnam has taken on an important base for the relocation of my country’s textile industry under the circumstances that Vietnam has many advantages in the textile field. The double-digit rate is growing at a high rate. The Vietnam Textile and Apparel Association (VITAS) stated that the country's industry target exports in 2019 are aimed at exceeding US$40 billion, an increase of 10.8% over 2018. VITAS said that the industry's trade surplus this year is expected to reach 20 billion U.S. dollars. At the same time, it will ensure the stability of domestic employment and increase the income of 2.85 million garment textile workers. It is reported that Vietnam's clothing and textile exports exceeded 36 billion U.S. dollars in 2018, a year-on-year increase of 16%. This growth has made Vietnam one of the world's three largest garment and textile exporters. Also based on the success of 2018, VITAS aims to achieve a breakthrough in greater growth space in 2019. In addition, the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) that came into effect in January 2019 is expected to help the sector’s economy grow by 1.3%, or increase export turnover by 4%. So far, the apparel and textile industry has been regarded as a key sector, expanding economic development opportunities for the country's market. VITAS Chairman Wu Dejiang said that in 2019, Vietnam's garment and textile industry has a lot of orders, and many companies have already completed the orders for the first six months or even the whole year in advance. 'Due to the gradual increase in investment in the textile and dyeing industry and the more competitive products, the industry has gradually improved the supply chain.' Wu Dejiang said. Li Jinchang, general manager of the Vietnam Textile and Apparel Group, said that as the country begins to implement the CPTPP agreement this year, opportunities in the industry will grow with challenges. At present, with the country's growing capital, experience, technology and labor force, many foreign-invested companies have begun to establish yarn, textile and clothing production and supply chains in Vietnam. 'If companies increase investment and increase production capacity, it will be difficult for them to compete in the country and occupy the market, especially facing CPTPP member states.' Li Jinchang said that in order to increase industry competitiveness, companies need to actively produce raw materials and reduce the need for imported materials. Rely on to help the industry enjoy the benefits of CPTPP instead of facing negative pressure.

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