Vietnam has come up to be one of the world’s largest textile producer. The production of cheap garments and the successful establishment of export trade have enabled it to get hold of the foreign markets as well. In 2017, the textile sector made $31.2 billion from export trade only. But, 2018 showed a serious hike in exports, that too in its first two quarters only. This has evidently made the VITAS (Vietnam Textile and Apparel association) expect greater hikes in the next two quarters of the current year.
A value of 274.6 million sq. mts of textiles manufactures from natural materials was estimated to be produced during the first two quarters of this year. This sums up to be a yearly rise of 9.7 per cent. On the other hand, an estimated value of 525.9 million sq. mts and about 2300 million clothing units were produced from synthetic fibres, which respectively saw a rise of 21.1 per cent and 10.4 per cent.
The country mainly exports to United States of America. It has also signed up for custom exchange with European Union, South Korea, China and South-East Asian Nations as well. This has made a marked increase in the growth of export trades over the past year. Although the United States and European Union has imposed custom duties of 17.5 per cent and 9.6 per cent respectively on Vietnamese products, but that does not stop Vietnam from gaining good market in these countries.
However, VITAS is still laid back about the fact that they will be facing huge competition to survive in the foreign markets. Then again, the constancy of consumption in the global textile markets along with the changing demands is points to be thought of.