Garments expected to grow 7.55% in 2019

VGP – The garment sector in 2019 is expected to grow 7.55% against the previous year, gaining the expected export value of US$39 billion (US$1 billion lower than the target set for the year), said President of the Viet Nam Textile and Apprarel Association (VITAS) Vu Duc Giang.

December 04, 2019 2:31 PM GMT+7

Viet Nam’s garment exports to big markets such as the U.S., EU, China, Japan and the Republic of Korea witness high growths of 8.9%, 2.23%, 7.05%, 4.79% and 4.42%, respectively.

Despite huge impacts from the world’s economic recession and the trade disputes between big economies, especially the U.S.-China trade war, Viet Nam’s garment exports maintain high growth.

Viet Nam’s garment imports obtained US$22.38 billion, up 2.21% while the import value serving for exports achieved US$19.26 billion, up 4.96%. The domestic value added in gross exports (trade surplus) gained from garments was estimated at US$19.73 billion, up 10.19%.

The excess of exports over imports saw an increase of US$2.25 billion, reaching US$16.62 billion, up 15.7 percentage point compared to the previous year.

By 2030, Viet Nam’s garment heads to earn US$85-90 billion from exporting, developing 25-30 Viet Nam’s brand names.

By Thuy Dung