For the first six months, export turnover of Vietnam’s textiles and garments rose year-on-year by 11.3 per cent. Exports of fibers rose by 27.4 per cent compared to the same period last year.

Export turnovers of textile and garment products to the US, EU and Japan were up nine per cent, eight per cent and 12 per cent respectively. The country’s textile and garment export turnover is estimated to show a year-on-year increase of 10.9 per cent in 2017.

This performance is remarkable considering the unstable economic situation caused by low growth and decline in import growth experienced in major markets such as the US, EU and Japan in the first half of this year.

When compared with major competitors in the field of textiles and garments, including China, India, Bangladesh and Indonesia, Vietnam has the highest growth rate.

But if Vietnam’s competitors devalue their currency to support their export activities, such as in 2016, the country’s textile and garment industry will be being unable to sustain the momentum created in the first half of the year.

Vietnam is one of the five largest textile and garment exporters in the world. However the country is also one of the world’s leading importers of fabrics and materials. The shortage of high-quality materials for production is the biggest barrier to Vietnam’s textile and garment industry, hindering the country from taking advantage of free trade agreements.