VIETNAM’S GARMENT EXPORT CONTINUED TO THRIVE
2018 is a successful year for export activities of Vietnam’s textile and garment industry with the total export turnover of over 36 billion USD, up by 16% as compared to 2017, marking it the highest growth in the past 3 years.
Among different Vietnamese’s textile and garment products, garment contributed to the most export added value with 28.78 billion USD, an increase of 14.45% as compared to 2017. This is followed by the export of fibers with 3.95 billion USD, fabric with 1.66 billion USD and textile materials and accessories with 1.23 billion USD. With this performance, in 2018, the Vietnamese textile and garment industry hit a trade surplus value of 17.86 billion USD, an increase of 14.39% after a year.
Economic experts are positive with future of the Vietnam textile and garment industry. The effective CPTPP will likely result in good prospects in new export markets for Vietnam. In fact, by Q3 and Q4 of 2018, many garment and textile importers from Australia, Canada and New Zealand had come to Vietnamese factories to discuss on placing new orders. Besides CPTPP, the EU-Vietnam FTA is expected to come into effect in 2019 and this will open a bigger door for Vietnam’s garment and textiles to enter the EU market. With these opportunities, the export value of Vietnamese garment and textile is believed to raise up to 40 billion USD with a trade surplus of 20 billion USD in 2019.