Textiles exports head to gain US$34 bln in 2018

VGP – The growth of textiles exports over the recent 20 years are mainly attributed to the country's international economic integration and exploitation of Free Trade Agreements it signed.

January 03, 2018 2:21 PM GMT+7

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The information was released at a meeting on textiles production on January 2 in Ha Noi.

Despites challenges, the sector still fulfilled the set goals in 2017, gaining US$31 billion from exporting, up 10.23% against the previous year and higher than the set target of US$30 billion.

Key export markets such as the U.S., the EU, Japan and the Republic of Korea (RoK) maintained high growths and the sector witnessed breakthroughs at other areas such as China, Russia and Cambodia.

The RoK became the fourth largest importer of Viet Nam’s textiles with US$2.7 billion, preceded by Japan. Viet Nam’s textiles to China in 2017 reached US$3.2 billion, equal to the export turnover to Japan.

Remarkably, 17 years ago, only three markets including Europe, Japan and the U.S. saw the textiles exports exceeding US$1 billion. At present, thanks to FTA, the figure raised to six ones.

General Director of the Viet Nam National Textile and Garment Group (Vinatex) Le Tien Truong expected that the textile sector will achieve the growth rate of 10%, attaining US$34 billion in 2018.

By Thuy Dung