In 2019, Vietnam's textile industry is expected to export more than 40 billion US dollars

As the Sino-US trade war continues, my country's textile industry and foreign-funded textile enterprises have relocated. Among them, Vietnam has undertaken an important base for my country's textile industry to relocate out of the country with many advantages in the textile field. Especially this year, Vietnam's textile industry has The double-digit rate is highly growing, and the Vietnam Textile and Apparel Association (VITAS) said that the country’s 2019 industry target exports aim to exceed US$40 billion, an increase of 10.8% over 2018. VITAS said the industry is expected to have a trade surplus of US$20 billion this year, while ensuring stable domestic employment and increasing the income of 2.85 million garment and textile workers. It is reported that in 2018, Vietnam's clothing and textile exports exceeded US$36 billion, a year-on-year increase of 16%. This growth has made Vietnam one of the top three exporters of apparel and textiles in the world. Also based on the success in 2018, VITAS aims to achieve a breakthrough with greater growth space in 2019. In addition, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which 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 is seen as a key sector to expand economic development opportunities for the country's market. VITAS Chairman Vu Duc Giang said that in 2019, Vietnam's apparel and textile industry has received strong orders, and many companies have already completed orders for the first six months or even the whole year."The textile and dyeing industry has gradually improved its supply chain as more capital has been invested and its products have become more competitive."Wu Dejiang said. Le Chin Chang, general manager of Vietnam Textile and Garment Group, said that as the country begins to implement the CPTPP agreement this year, opportunities in the industry will grow along with challenges. At present, with the country's growing capital, experience, technology and labor force, many foreign-invested enterprises have started to establish production and supply chains of yarn, textiles and garments in Vietnam."If companies increase investment and increase production capacity, it will be difficult for them to compete domestically and occupy the market, especially in the face of CPTPP member countries."Li Jinchang said that in order to increase the competitiveness of the industry, enterprises need to actively produce raw materials and reduce their dependence on imported materials to help the industry enjoy the benefits of CPTPP instead of facing negative pressure.
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