Vietnam’s exports of textiles and clothing are projected to increase by 7 per cent this year to $29 billion, far below the trade ministry’s previously-targeted $31 billion and the lowest growth in the last decade. Customs statistics show that Vietnamese textiles and garment exports hit about $21.56 billion from January to November, up 4.6 percent from the same period last year.
Vietnam, the world’s fifth largest garment exporter, has maintained double-digit growth, ranging on average from 10 percent to 36 percent, since 2001 when the country earned $2.2 billion from exporting textiles and garments.
Customs figures show that from January to November this year, Vietnam’s textiles and garment shipments to the U.S., which accounted for 47.9 percent of the total during the period, edged up 4.7 percent from a year ago to about $10.33 billion. About 85 per cent of Vietnamese enterprises in the textile industry are focused on labor-intensive cutting and sewing, making the country an outsourcing hub for foreign fashion companies.