Vietnam is one of the world’s top five textile exporters and producers. According to statistics from the Vietnam Textile and Apparel Association, Vietnam’s textile and apparel exports increased by 10.23% year-on-year to US$31.2 billion in 2017; from January to June 2018, Vietnam’s textile and clothing exports reached a cumulative US$16 billion, a year-on-year increase of 14%.
According to statistics, Vietnam’s textile and apparel production and exports increased steadily in the first half of the year. Among them, the production of pure cotton cloth increased by 9.7% year-on-year to 274.6 million square meters, and the output of synthetic fiber cloth and clothing was 525.9 million square meters and 2.305 billion sets. Year-on-year increases of 21.1% and 10.4% respectively. In the first half of the year, Vietnam’s textile and clothing exports to the United States, members of the Trans-Pacific Partnership (CPTPP), the European Union (EU), South Korea, China, and the Association of Southeast Asian Nations (ASEAN) all increased significantly year-on-year.
The President of the Vietnam Textile and Apparel Association believes that as global textile and apparel demand is expected to only grow by 1% to 2% year-on-year, in the remainder of 2018 and the next few years, due to consumer demand being basically stagnant, the global textile market competition will be fierce, and the textile industry will Many difficulties will still be faced.
At the same time, considering that the United States and the European Union still impose 17.5% and 9.6% tariffs on Vietnamese textiles respectively, but do not impose any tariffs on such products from many developing countries such as Cambodia and Myanmar, it is expected that Vietnamese textiles and clothing will be exported in the future. Exports still face greater challenges and competitive pressure. (Title: Vietnam’s textile and apparel exports increased by 14% year-on-year in the first half of the year)
