Garment and textile sector enjoys trade surplus of US$16.6 billion

Most notably, the export turnover figure of US$39 billion recorded throughout the year indicates growth of 7.55 per cent compared to a year earlier. Meanwhile, the textile and apparel import turnover stood at an estimated US$22.38 billion.

VITAS Chairman Vu Duc Giang noted that this year’s export turnover has seen a 22-fold increase from the US$1.75 billion documented in 1999, while the sector’s trade surplus stood at US$17.7 billion, a 106.5-fold rise compared to the figure of US$85 million in 1999.

This year’s export results of US$39 billion have made a significant contribution to the nation’s export-import turnover, which has surpassed the US$500 billion mark, he added.

The country is now ranked third among the largest textile and apparel exporters globally, behind only China and India. At present, approximately 7,000 garment and textile businesses have operated, generating jobs for roughly 3 million workers and accounting for a quarter of the industry’s entire workforce.

Ahead in 2020, the global textile and apparel market is forecast to be affected by the ongoing trade war between the United States and China, while the sector has set a target of recording US$42 billion in total export value whilst striving to reach a turnover of US$60 billion by 2025.

As a result, the sector is aiming to secure US$110 billion in export turnover by 2030 and has plans to be home to at least 30 brands that will contribute to the world's textile and apparel industry.