This year Vietnam’s garment and textile export turnover is expected to be up 10.8 per cent from last year. To this end, Vietnam is focusing on products with a high competitiveness in the world market, and improving its garment and textile supply chain. Investments are pouring into the Vietnamese weaving, dyeing, material and accessory segments. Vietnam’s export earnings in 2018 were up more than 16 per cent from 2017.

Its main export markets include: Asean, Japan, South Korea, the European Union and the United States. However, the country has had to spend heavily on importing cotton, yarn, fabrics, materials and accessories for production of garments, textiles and footwear. Vietnam is the world’s third biggest garment and textile exporter.

With the results achieved in 2018, Vietnamese textile firms have witnessed positive signals for orders in 2019. Many businesses have already received orders for the first six months of 2019 and some for the whole year. The upcoming enforcement of new generation free trade agreements is a positive factor supporting production and business activities of the sector in 2019.

In 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is expected to boost many industries of Vietnam, including the textile and garment sector. In addition, the textile and garment sector is also waiting for more orders to be shifted from China due to the US-China trade war.