Textile-garment industry expands 7.55 percent in 2019
Vietnam’s textile and garment industry is estimated to grow about 7.55 percent this year, according to President of the Vietnam Textile and Apprarel Association (VITAS) Vu Duc Giang.
Hanoi (VNA) – Vietnam’s textile and garment industry is estimated to growabout 7.55 percent this year, according to President of the Vietnam Textile andApprarel Association (VITAS) Vu Duc Giang.
The sector hasmaintained healthy growth inspite of economic slowdown and trade tensions between major economies, like theUS and China, Giang told a press conference to provide an update on the industry this year and announce theVITAS’s 20th anniversary celebration ceremony.
Thetextile-garment export value is estimated at 39 billion USD this year, below the 40-billion-USD target, he said.
The industry’simport turnover is estimated to expand 2.21 percent year on year to 22.38 billion USD.
The sectorenjoys a trade surplus of16.62 billion USD, up 2.25 billion USD and 15.7 percentage points from a yearearlier.
The VITASPresident said the US remains Vietnam’s largest buyer which imported 15.2 billion USD worth of textile-garment products, or38.97 percent of the total export, up 8.9 percent against last year.
It is followedby the EU which spent 4.4 billion USD on Vietnamese textiles and garment, accounting for 11.28 percentof the total export and up 2.23 percent.
He also announcedthat a ceremony will be held in Hanoi on December 13 – 14 to celebrate theVITAS’s 20th founding anniversary. The event is expected to see 500 local and foreign guests./.
Vietnam’s textile industry faces many difficulties with both export and production on the decrease due to effects of an intensified China-US trade war, said industry experts.
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The domestic textile and garment industry is expected to reach its export revenue target of 40 billion USD this year despite facing many difficulties, said Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS).
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Illustrative image (Source: VNA) 
