The garment and textile industry in Vietnam has revised its export target to US $ 35 billion for the year 2018. The new target has been set owing to a significant increase in orders from foreign companies.
While the garment and textile industry exports had generated US $ 31.2 billion in 2017, the initial target set for 2018 was US $ 34 billion.
Truong Van Cam, Vice President, Vietnam Textile and Apparel Association averred that many local companies have received orders for even the third quarter of the year and are in talks to get contracts for the entire 2019.
These orders have increased the prospects and opportunities for the garment and textile industry in 2018, and many firms particularly in HCM city, expect brighter second half. Notably, some of the firms have been booked even for the first few months of 2019.
Le Tien Truong, General Director, Vinatex, remarked that to combat the competition from countries like China or Cambodia, Vietnam needs to not only produce high quality garments but also ensure better price and timely service. There is no other way to beat competition.
Additionally, he also urged local companies to invest more on technology to enhance the productivity of workers and thereby increasing competitiveness.
