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Vietnam textile industry to reach $29 bn in export value

The Vietnam textile industry which saw export value grow 15 per cent per year in five years from 2010 to 2015 is expected to reach $29 billion this year in terms of export value. While the target in export value was much lower than the figures in reality, the development plan was not suitable with the real development of the industry. Though the textile and garment industry was slated to reach $20 billion in export value in 2015 but the industry has reached an export value of $27.5 billion.

The Vietnam Textile and Apparel Association asked the government and sectors to review its development plan for the garment industry by 2020 in order to support local textile and garment enterprises to take opportunities as well as overcome challenges from free trade agreements.

The Association has said there should be renovation of the development plan for the textile and garment industry by 2020 and towards 2030. This is necessary because the industry expects to enjoy many advantages in development over the next 10 years. The adjustment of the plan should be effective until 2025, and towards 2040.

The association has also suggested building development plans for the industry including industrial zones. Many small textile and garment firms have not been put up in specialized zones for the textile and garment sector that led to difficulties in the management and treatment of waste water. This is related to the industry’s sustainable development and protection of the environment.