Vietnam's textile-garment firms plan production growth
News Type: Marketing News
Source from: Fibre2Fashion
Vietnam’s textile and garment industry aims to achieve an export growth of 8-10 per cent totalling over $40 billion and an industrial production growth of 5 per cent by taking advantage of free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Vietnam Textile and Garment Corporation (Vinatex).
The export value to Canada and Australia markets is expected to double to $1 billion each, said Vinatex general director Le Tien Truong.
If the European Union-Vietnam Free Trade Agreement (EVFTA) comes into effect this year, it will help raise the total export revenue by $4 billion, raising the total export value to over $40 billion, a news agency report quoted Truong as saying.
Vinatex expects growth of 5-7 percent year-on-year in its export value this year and 12 per cent in profit, according to Truong.
This year will witness more challenges, including projected reduction in global economic growth, unexpected developments from the US-China trade war and Brexit, said Vinatex managing director Cao Huu Hieu. Those will lead to risks in exchange rates and imports of raw materials for the textile and garment sector.
Domestic factors, such as the possibility of increasing minimum wages or electricity prices, may have an impact on the production activities of textile companies, thereby increasing input costs, said Hieu.
As planned, the recycled fibre segment will contribute 20 per cent to this year’s revenue, compared to 14 per cent in 2018. This figure will surge to 30 per cent in 2020. (DS)
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