Vietnam textile industry falls short of US$42-billion export target
Vietnam’s textile and apparel exports in 2020 are set to decrease by 10% against 2019 to US$35 billion.
Vietnam’s textile and apparel exports in 2020 are set to decrease by 10% against 2019 to US$35 billion.
While Vietnam is on track to witness the strongest growth in ASEAN this year, a weakening job market is the biggest risk to its economic recovery.
This is the second FTA that the EU has ever made with a Southeast Asian country, after Singapore.
Vietnam would remain a prime candidate for gains over the near term, according to Fitch Solutions.
EVFTA provides a means of market diversification for EU and Vietnamese businesses.
Vietnam's exports slightly declined by 0.9% year-on-year to US$100.21 billion in the January-May period, and imports decreased 4.6% to US$96.67 billion.
Companies in the industry could lay off 30% of their employees in April and 50% in May due to the lack of orders.
The FDI sector posted exports of US$26.2 billion in the January – February period, up 5% year-on-year and accounting for 67% of Vietnam’s exports.
The Indian ambassador said both Indian and Vietnamese companies will find opportunities to support one another.
The disruption of materials supply chain from major markets to Vietnam has led to a lower growth rate of the industrial production index in the first two months.