VN becomes fifth largest garment exporter in the world

From January to June 2018, the garment firms in Viet Nam exported products worth US$ 16 billion up 14% compared with the same period last year.

The major products exported were T-shirts, dress shirts, and coats. Markets like the U.S., the EU, China, the Republic of Korea and, importantly, CPTPP member nations too witnessed rapid growth in the first 6 months of this year.

Last year, the garment and textile exports had generated an impressive US$ 31 billion. However, what is interesting is that the initial export target for 2018 (US$ 34 billion) was revised recently to US$ 35 billion.

The country’s garment sector has a bright outlook to expand its market in the future thanks to several free trade agreements with a series of key partners, experts said.

The revision was done owing to significant increase in orders from foreign companies. 

Additionally, upcoming FTAs are also expected to give a big boost to the garment industry of the country.

                                                                                                                By Vien Nhu