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Vietnam’s textile export earnings up 16 per cent

Vietnam’s earnings from garment and textile exports in 2018 were up 16 per cent. The country is now one of the biggest garment and textile exporters in the world. The Comprehensive and Progressive agreement for Trans-Pacific Partnership (CPTPP) is forecasted to create a driving force for Vietnam’s industry in 2019 and later. Strict regulations will prompt Vietnamese firms to make changes to develop more sustainably and win the trust of global consumers. It will also put pressure on companies to cooperate with one another to form supply chains and actively attract investment to improve their production and business performance.

More than 6000 businesses are operating in the textile-garment industry of Vietnam. Despite its relatively fast growth, the industry still has certain weaknesses, especially in compliance with rules of origin. This is considered one of the sector’s major challenges as it strives to capitalise on new-generation free trade agreements including the CPTPP. Businesses need to actively seek cooperation chances in terms of equipment and material supply so as to meet rules of origin in FTAs and enhance their competiveness in the global market. A switch from a made-to-order model to the production of goods created by themselves will help the sector gain strides in sustainability.