In 2019, the industry is estimated to have exports of US$39 billion, up 7.55% year-on-year and around US$1 billion lower than the target of US$40 billion.
Vietnam’s textile industry is expected to attain an export turnover of US$100 billion by 2030, and maintain its status as the world’s third largest exporter of textile products, according to Prime Minister Nguyen Xuan Phuc.
Prime Minister Nguyen Xuan Phuc at the event. Source: VGP. |
By that time, the textile industry should have at least 30 brands having major influence in the world market, said Phuc at a meeting on December 13.
In 2019, the industry is estimated to have exports of US$39 billion, up 7.55% year-on-year and around US$1 billion lower than the target of US$40 billion, partly due to the negative impacts from the US – China trade war.
Being one of Vietnam’s key export staples, the industry employs three million laborers, accounting for 25% of the whole industry sector, while the country remains third in the world after China and Bangladesh in terms of textile exports.
Phuc, however, suggested the industry should pay more focus on the domestic market of 100 million people, in which the middle class is growing at a rapid rate and on track to reach 50% of the population by 2030.
“Made-in-Vietnam” textile products should not be in international markets, but also for the domestic one, Phuc said.
Phuc attributed the industry’s low added value product to its dependence on import materials, in which 60% of fabric materials are imported, and the inability to produce high quality products.
As the current advantage of the industry in cheap labor cost is gradually diminishing, and may be taken over by less-developed countries, Phuc requested Vietnam’s textile industry to take a higher position in the global value chain to maintain the country’s status as major player of the world’s textile market.
Other News
- Trade ministry proposes purchasing renewable electricity mechanisms without EVN’s involvement
- Australia and Vietnam develop competitive electricity markets
- Vietnam, Thailand advance realization of “Three Connections” strategy
- Vietnamese Gov’t to expand list of electricity buyers under direct power agreement scheme
- Viettel opens largest data center in Vietnam to support AI development
- Vietnam’s economy expected to grow at solid pace in 2024-2025: ADB
- Apartment prices in Hanoi are closing in on those in Ho Chi Minh City
- Coffee exports reach record $5 billion
- Nearly 36,000 Vietnamese workers go abroad in Q1 2024
- New Vietnam-Laos trade agreement signed
Trending
-
Where do Vietnamese prefer to go for their next holiday?
-
Vietnam news in brief - April 18
-
Vietnam win first match of Asian U23 tournament
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life
-
Vietnam’s economy urged to rely on internal strengths to weather global uncertainties: ADB
-
Vietnam, Thailand advance realization of “Three Connections” strategy
-
MICHELIN Guide sets its sights on Vietnam’s central region