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Vietnam’s textile industry to continue its strong growth pace

The textile and apparel industry in Vietnam is expected to grow 14 per cent over the next two years and a further 10 per cent by 2030. This sector has the second highest export turnover and occupies the fifth position in the world. Last year saw goods worth $31 billion, exported, representing 10.23 per cent year-on-year increase. The rapid growth rate was expected to continue this year with an estimated turnover of $33 billion.

In addition to maintaining traditional markets such as the US, Europe, Japan and South Korea, Vietnamese garment and textile firms have been expanding to new areas such as China, Russia and Cambodia. It also promotes the development of the cotton fiber industry; petrochemical industry and other textile supporting industries as well as trading, services, and fashion industry.

Government policies have played an important role to help businesses develop. Vietnam’s vocational training policies in the industry had not been effective and would need further support.

 

 
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