Vietnam textile and garments to hit USD 40 billion in exports

Vinatex predicts, Vietnam’s textile and garment industry is likely reach its target of USD 40 billion in export turnover this year as the industry reported export earnings of USD 29.3 billion in the first nine months of the year. This was mainly due to the industry’s efforts to overcome difficult global economic conditions. Solutions had been implemented synchronously to remove difficulties, especially input prices which had dropped sharply due to the trade war.

Technology is seen as a key factor helping Vietnam’s textile and garment industry to promote business and expand its markets. Many Vinatex firms had invested in automatic cutting and spreading machines to replace workers, and in 3D design. Meanwhile, yarn and dyeing were also under pressure from the fast development of technology. Businesses have also forged e-commerce deals or invested in their own online sales services to increase domestic market share.