According to the ministry, domestic production of garment and textiles has enjoyed robust expansion on the back of the new-generation free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement.
Domestic production of garment and textiles has enjoyed robust expansion on the back of new-generation free trade agreements. (Photo: VNA)
Good growth was seen in several key markets, including the US with export revenue of over USD7 billion (up 10 percent), the CPTPP market with USD2.5 billion (up 9 percent), the EU with USD1.95 billion (up 5 percent), and the Republic of Korea with USD1.4 billion (up 7.6 percent).
Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang said the association set the industry’s export turnover for this year at USD40 billion, a year-on-year increase of 10.8 percent.
According to Giang, the US will remain the biggest importer, accounting for 42 percent of Vietnam’s total exports, followed by the EU (21.5 percent), Japan (19.5 percent), and the Republic of Korea (14 percent). Meanwhile, the Middle East will be a new market of Vietnamese garment and textiles.
Regarding the leather and footwear sector, some 161.4 million pairs of shoes were produced during the seven-month period, increasing 7.1 percent from the same time last year. Exports of footwear rose 13.8 percent to an estimated USD10.4 billion.
The MoIT said foreign-invested businesses contributed significantly to the export growth of garment-textile and leather shoes. In long term, local businesses should outline solutions to engage in global value chains to gain competitive edge over their rivals from Cambodia and Bangladesh.
Besides, experts recommended Vietnamese enterprises should work together to form a complete production chain so as to satisfy the rules of origin of the trade deals that Vietnam is a member. They said the move is significant for the firms to take full advantage of the preferences brought back by the trade pacts./.