Garment and textile exports likely to exceed set plan by US$1b

Thứ Hai, 30/07/2018, 20:42

Vietnam’s exports of garments and textiles are predicted to reach US$18.5 billion in the second half of the year, bringing the country’s total export turnover to US$35 billion, exceeding the set plan by US$1 billion.

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The information was released by Cao Huu Hieu, Managing Director of the Vietnam National Textile and Garment Group (Vinatex) at a press conference in Hanoi on July 30.

Such a strong performance is attributable to the fact that many businesses have received a slew of bulk orders stretching to the end of the year.

Mr Hieu emphasized that to fulfill the targets, businesses need to devise a concrete strategy for applying Industry 4.0 technologies, calling on investment, improving the skill sets of labourers and increasing the original design manufacturer (ODM) rate to raise the added value of products.

To achieve double-digit growth, businesses need to adapt to the market situation, expand the domestic market, establish a supply chain, and develop a diverse range of products suited to consumer tastes while building new brands and consumption channels.

The garment and textile sector should focus on increasing labour productivity, reducing delivery times,and building an efficient logistics network, while investing in advanced technologies to improve the quality and design of products to conquer the local market and penetrate foreign markets.

The total garment and textile export turnover in the first half of the year surged 16.49% to US$16.5 billion against the same period last year.

The sector has also recorded high growth in exports to key markets such as the US, EU, Republic of Korea, China, ASEAN and member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Some businesses reported strong export performance including Tinh Loi (Regent Garment) Co, Ltd, Viet Tien Garment Joint Stock Corporation, Regina Miracle Co, Ltd, and Worldon Vietnam Co, Ltd.

VOV