In order to achieve this goal, garment and textile companies should prepare specific solutions for each market scenario and closely collaborate with fiber and fabric firms to together overcome difficulties as well as market fluctuations.
This year, positive sign is expected to come from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with two potential markets, consisting of Canada and Australia. If market scenario is good, there will be the EU market in the last six months of this year, adding about $1 billion to garment and textile exports.
Therefore, in the scenario that Vietnam’s garment and textile industry is able to maintain steady export to main markets and take advantage of the CPTPP well and the EU-Vietnam Free Trade Agreement comes into effect, the country’s garment and textile industry will achieve its export target of $40 billion this year.
