Vietnam’s textile and garment exports this year are estimated to reach $28.5 billion, meeting roughly 92 per cent of the set plan due to market difficulties, the Vi?t Nam Textile and Apparel Association (Vitas) reports. According to the association, the industry’s largest export market in 2016 remains China, which accounts for more than half of the industry’s export value.
Exports to the US this year are also estimated at $11.4 billion, up 4 per cent against last year. The EU, Japan, India, Brazil, Russia and Canada were also large importers of Vi?t Nam’s textile and garments in 2016, the association reported. The association attributed the low export turnover to a lack of export orders in 2016 due to fierce competition from foreign textile and garment producers, while global demands declined.
Experts say that the textile and garment sector would continue facing challenges in 2017 due to fierce competition by other major exporters – including China, India, Bangladesh and Pakistan –while global demand is forecast to slow down. Textile and garment exports to the US and the EU are expected to see negative impacts, as consequences of Brexit and US President-elect Donald Trump, who opposes the TPP trade pact.