CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s textile & garment industry: changed vision for development
Ngoc Thuy 16:31, 2018/01/08
Despite many difficulties in the first few months of 2017, but by the year end, export value of the Vietnam’s textile & garment industry has reached record high, which is expected to continue its growing trend as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will soon come into force.
Under the negative impact of the US’s decision in withdrawing from the Trans – Pacific Partnership (TPP), main export products of Vietnam, including textile & apparel products had been under pressure to achieve targets for trade value. However, by the end of 2017, total export value of Vietnam reached US$ 31 billion, up 10% compared to last year’s figure. In which, garment export up to US$ 25.9 billion, an increase of 8.7% year by year; textile export reached US$ 3.5 billion, up 19.9% compared to 2016. 


These are impressive achievement amidst the unstable surroundings created by the global’s tendency toward protectionism and anti-globalization movement. According to the Chairman of Vietnam Textile & Apparel Association (VITAS) Vu Duc Giang, textile’s export value has been on high level recenty, which is expected to continue growing with many large textile – garment projects going into operation. 

In the import side, materials imported to Vietnam in 2017 reached US$ 18.9 billion, for input matetials serving the purpose of producing exporting goods, its import value for textile production in Vietnam reached US$ 15.48 billion, resulting trade surplus of the garment industry to US$ 15.5 billion. 

VITAS stressed the success of Vietnam’s textile & garment industry in recent years stem from the transformation of domestic enterprises through diversifying export markets, especially at leading enterprises which set pace for the whole industry. New markets for Vietnam’s textile & apparel products have been identified such as Japan, Korea, Russia, Africa and Middle East. 

Taking advantages from signed free trade agreements (FTA) between Vietnam and other countries are the direction for the textile & garment industry going forward – said Giang. For example, the Vietnam – Eurasia Economic Union FTA (VN-EAEU FTA, including Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan) has changed the view of Vietnamese enterprises to this region. In which, companies such as Nha Be Garment or Duc Giang Corporation are playing pioneer role in the effort to infiltrate the Russian market. 

Similarly, for the Japanese market, two main FTA with Japan such as ASEAN – Japan Comprehensive Economic Partnership (AJCEP) and Vietnam – Japan Economic Partnership Agreement (VJEPA) will be the foundation for the garment & textile industry to continue its development. 

In the coming time, the Vietnam – EU FTA coming into force in the middle of 2018 will be expected to create breakthrough for many industrial sectors, including textile & garment. While in long term, the industry will be under positive impact from negotiating FTA such as Regional Comprehensive Economic Partnership (RCEP) between the ten member states of ASEAN and the six states with which ASEAN has existing FTA (Australia, China, India, Japan, South Korea and New Zealand), and especially the Comprehensive and Progressive Trans Pacific Partnership (CPTPP). 
Comments
Other news
21:45, 2025/01/15
Hanoi seeks 5% export growth in 2025
The city’s total import-export turnover reached US$60.1 billion in 2024, up 11% year-on-year.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.