Vietnam's textile-garment exports forecast to achieve US$45 billion this year

SGGP 30/08/2022 08:52

Vietnam's export turnover of textiles and garments has reached US$40.4 billion in 2021, and is expected to increase to $45 billion by the end of 2022, said Mr. Truong Van Cam, Vice Chairman of the Vietnam Textile & Apparel Association (VITAS).

Vietnam's textile-garment exports forecast to achieve US$45 billion this year ảnh 1

Vietnam's textile-garment exports forecast to achieve US$45 billion this year: VITAS

He added that Vietnam’s textile and garment industry maintains a very fast growth rate, ranging from 20 percent-26 percent a year for the last five years. The Southeast Asian country is ranked third in the top countries with large textile and garment export turnover in the world.

Currently, Vietnam's exported textile and garment products account for 5.2 percent of the global textile and garment market share. The United States, Korea, Japan, and Europe are major import markets of Vietnam's textile and garment products.

To keep the growth momentum for textile enterprises, Mr. Truong Van Cam said that the government needs to quickly disburse the financial support package for businesses, renewing way of thinking in attracting investment to the raw textile materials industry. He advised businesspersons to eye transition to green production for sustainable value, reducing and recycling waste to catch up with the trend of green consumption and environmentally friendly products.