Vietnam’s textile-garment sector has grossed over $36 billion in export turnover in 2018, up 16.01 per cent against the previous year, according to Vietnam Textiles and Apparel Association (VITAS) chairman Vu Duc Giang.

High logistics costs, ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), foreign firms acquiring stakes in Vietnamese concerns, turning the fastest-growing market for cotton and Denimsandjeans’ 3rd edition marked the year for Vietnam’s textile-garments industry. Dipesh Satapathy summarises the developments.

Several Japanese companies, including Itochu and Sakai Amiori, are investing in expanding their stake in the Vietnamese textile and garments sector.

Vietnamese garment firms plan to boost exports to Canada

Garment 10 Corporation JSC (Garco 10), one of the largest companies in Vietnam’s textile and garment sector, has grossed total estimated revenue of 2.9 trillion dong in 2016, registering an increase of 6.42 per cent year-on-year, and crossing its annual target by 2 per cent. The company is targeting to increase its revenue by 6 per cent this year over 2016.

Fabric and garment exports from the Southeast Asian nation of Vietnam grew at nearly 12 per cent year-on-year to US$ 3.249 billion in the first two months of 2015, according to the preliminary data released by the customs IT & statistics department, general department of customs, Vietnam’s ministry of finance.