Vietnam’s garment and textile sector hopes to achieve its export target of US $ 34 billion for 2018 with much ease.
The confidence to attain the target stems from the fact that most of the garment companies in Vietnam have got orders until the end of third quarter of this year.
The Vietnam Textile and Apparel Association (VITAS) reported that the export revenue of garment and textile sector for the first 3 months of 2018 was US $ 7.62 billion, which is equal to 22.4% of the target set for 2018.
This is an impressive increase of 13.35% for the same time period in 2017.
VITAS also reported that the export revenue generated for garments alone was US $ 5.98 billion in the first 3 months of 2018 – an increase of 12.49% for the same time period in 2017.
Notably, jackets, shirts and T-shirts were the major export items in January and February 2018.
Vietnam witnessed excellent growth in export especially to USA, Europe, China, Korea, Japan and the member nations of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
As per the statistics of General Department of Customs, the country’s garment and textile exports to US alone were nearly US $ 3.14 billion in the first 3 months of 2018 – a surge of 13.2% compared to the same period in 2017.
VITAS hopes that in 2018, the garment and textile export revenue of Vietnam to the US may touch around US $ 13.8 billion, which will be an 11% jump compared to what it was in 2017.
With CPTPP being signed, it now gives an opportunity to Vietnam’s textile and garment products to easily enter other member nations like Canada, Australia, Mexico, etc. owing to preferential treatment under tax reductions.
2018 in all probability will end on a brighter note for Vietnam.