Overseas shipments of Vietnam's textile and garment grew 16.5% year-on-year to reach US$16.5 billion in first six months of 2018, Truong Van Cam, vice head of Vietnam Textile and Apparel Association (VITAS), was quoted by the Dau Tu (Investment) newspaper as saying .
The growth is the fastest for the same period in the past five years, according to the association.
Specifically, T-shirt, jacket and trousers were the three biggest contributors to the whole exports with over US$1 billion each. Exports of other products like dress, children clothing, etc. exceeded US$700 million each in the six-month period.
Besides, in the reviewed period, Vietnam imported textile-garment materials worth US$10.78 billion to serve its domestic demand as well as the production for export, a 15.9% growth year-on-year.
Vietnam textile-garment exports head to target of US$35 billion this year. Source: baodautu.vn
According to VITAS, the sector witnessed trade surplus of US$7.6 billion in the period, marking a 13,87% climb against last year.
“The impressive growth of exports in the first half of 2018, along with fresh developments of US-China trade war provides a leverage for Vietnam's textile-garment sector”, said Cam from the VITAS.
The VITAS’s leader expected that the textile-garment exports would thrive in the last six months of 2018, with an estimated value of US$18.5 billion, raising the whole-year exports to US$35 billion, US$1 billion above the initial target.
Notably, textile-garment firms in Vietnam see increasing orders which promise a bright outlook for the sector in the second half this year.
Some firms like Regent Garment Ltd, Viet Tien Garment Company, Worldon Vietnam are upbeat about business performance this year.
In 2017, export volume of Regent Garment Ltd hit US$484 million while the figure of TNG, Bac Giang Garment, Scavi Hue company, Binh Thuan – Nha Be Garment, Tien Tien Garment was US$164 million, US$233 million, US$105.4 million, US$51.7 million and US$92.2 million, respectively.
Those enterprises all set higher export targets in 2018 compared to last year.