FDI companies make up 70% of textile export turnover
Wednesday, 30/09/2020 17:47 (GMT+7)
The Vietnam Textile and Apparel Association on September 28 said that up to 70% of textile export revenue belongs to foreign-invested enterprises (FDI).
70% of textile export revenue belongs to foreign-invested enterprises. (Photo: baoquocte.vn)
Accordingly, the export turnover of the garment and textile industry reached USD39 billion in 2019. In spite of being heavily affected by the COVID-19 pandemic, textile export turnover is expected to hit around USD32 billion in 2020.
Currently, Vietnam ranks 6th in the world for garment and textile exports, and 2nd after China, as its products are shipped to the European market.
In the long term, when domestic garment and textile companies can take the initiative in production materials, they will be able to increase their export market share, especially in the European market which traditionally accounts for 2%.
Many domestic garment and textile enterprises said that local authorities should select suitable FDI capital in the field. It is necessary to give priority to luring investment in producing materials to create conditions for domestic enterprises to complete the supply chain and make the most of advantages of export tariff, as well as help reduce the risk of antagonistic competition with FDI enterprises in Vietnam./.
BTA
Tags: