The Vietnam Textile and Apparel Association (VITAS) has set a target of $40 billion in export turnover for calendar year 2019, 10.8 per cent higher than the $36 billion in 2018, which was a 16 per cent rise year-on-year. The sector is likely to enjoy a trade surplus of $20 billion and generate employment and raise income for 2.85 million workers.
The upcoming free trade agreements (FTAs), such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), are a driving factor supporting production and business activities of the sector in 2019. The sector is also awaiting more orders due to the US-China trade war.The Vietnam Textile and Apparel Association (VITAS) has set a target of $40 billion in export turnover for calendar year 2019, 10.8 per cent higher than the $36 billion in 2018, which was a 16 per cent rise year-on-year. The sector is likely to enjoy a trade surplus of $20 billion and generate employment and raise income for 2.85 million workers.#
Vietnamese textile firms have witnessed positive signals for orders in 2019. Many businesses have already received orders for the first six months of 2019 and even the whole year. Flows of capital investment in the textile and dyeing industry and material have been on the rise, according to a news agency report.
According to the Ministry of Industry and Trade, 2019 will be a challenging year for the sector to integrate into the global textile supply chain.
The fourth Industrial Revolution will especially have a stronger impact on the sector, forcing it to change and strongly increase investment in equipment and personnel, experts feel.
Vietnam is participating in 16 FTAs. Eleven out of the 12 signed agreements have been enforced, while the ASEAN-Hong Kong (China) FTA is yet to come into force. (DS)
ALCHEMPro News Desk – India
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