Strong end to 2017 for Vietnam’s garment and textile sector
18/12/2017
Speaking at a media briefing in Ho Chi Minh City on December 11 to review the garment and textile sector’s performance this year, VITAS chairman Vu Duc Giang said Vietnamese companies had done well to recover from a dip in exports at the start of 2017, which he attributed to the withdrawal of the US from the Trans-Pacific Partnership (TPP) free-trade agreement.
Mr Giang said the country’s garment and textile companies responded by overhauling their production systems, focusing on more lucrative products and seeking out new export markets. They have also adopted new technology to increase the efficiency of their products, he added. This has helped the sector’s exports to increase since the second quarter.
“This year we faced great competitive pressure from Bangladesh, Myanmar and Sri Lanka, with many buyers shifting their orders to these countries at the beginning of the year,” Mr Giang explained. “But from the end of the second quarter they shifted their orders back to Vietnam because Vietnam makes quality products and it is able to fulfil orders with short lead time.”
VITAS expects textile and exports for the last two months of 2017 to be worth $5.27 billion, leading to full-year exports of $31 billion. It has predicted exports could reach $33.5-34 billion in 2018.
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