The garment and textile industry in Vietnam earned almost US $ 7.3 billion from its exports in the first quarter of 2019.
The Ministry of Industry and Trade, while announcing this, said that the growth was 13.3 per cent year-on-year (y-o-y). Reportedly, the apparel and textile exports in March alone was an impressive US $ 2.7 billion, which is a y-o-y growth of 15.9 per cent.
The Ministry added that the growth was mainly owing to several companies being booked with orders till June 2019 and some even being booked till the end of the year.
At the start of the year, the Vietnam Textile and Apparel Association (VITAS) had predicted that the industry would touch US $ 40 billion by the end of 2019. However, going by the numbers attained in the first quarter, many speculate the industry would yet again surpass the projected target.
It is imperative to note that the country’s apparel and textile exports to USA jumped by 12.3 per cent whereas it saw a surge of 9.8 per cent to the European Union in Q1.
Besides, the increase was 40.5 per cent to ASEAN, 7.4 percent to Japan and 6.4 per cent to South Korea.
