From 2011 to 2015 Vietnam’s exports of textiles and garments have maintained steady growth and stability. Total exports in the first nine months of 2015 were up 10 per cent compared to the same period of 2014. In 2015, the target for export turnover increased 11.3 per cent compared to 2014, with localisation rate at 51 per cent.
The textile sector is expected to become the country’s second largest exporter, with Vietnam remaining among the top five leading textile exporting countries. In the next stage, when the Trans Pacific Partnership takes effect, tariffs on exported textiles to the US will be eliminated, which will also happen when the EU-Vietnam free trade agreement comes into being.
In the long term, these agreements are expected to promote development of textile industry, create jobs, attract investment in raw materials, dyeing and finishing, and boost competitiveness in the global textile value chain.
There is a strong need for enterprises in the Vietnamese textile industry to incorporate advanced technology from overseas. Total number of employees in the Vietnamese textile industry stands at 2.5 million and will rise to 2.8 million in 2016 and 3.3 million by 2020.