Garments expected to grow 7.55% in 2019
14:31 | 04/12/2019

VGP – The garment sector in 2019 is expected to grow 7.55% against the previous year, gaining the expected export value of US$39 billion (US$1 billion lower than the target set for the year), said President of the Viet Nam Textile and Apprarel Association (VITAS) Vu Duc Giang. 

Viet Nam’s garment exports to big markets such as the U.S., EU, China, Japan and the Republic of Korea witness high growths of 8.9%, 2.23%, 7.05%, 4.79% and 4.42%, respectively.

Despite huge impacts from the world’s economic recession and the trade disputes between big economies, especially the U.S.-China trade war, Viet Nam’s garment exports maintain high growth. 

Viet Nam’s garment imports obtained US$22.38 billion, up 2.21% while the import value serving for exports achieved US$19.26 billion, up 4.96%. The domestic value added in gross exports (trade surplus) gained from garments was estimated at US$19.73 billion, up 10.19%. 

The excess of exports over imports saw an increase of US$2.25 billion, reaching US$16.62 billion, up 15.7 percentage point compared to the previous year. 

By 2030, Viet Nam’s garment heads to earn US$85-90 billion from exporting, developing 25-30 Viet Nam’s brand names. 

By Thuy Dung 

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