Garment sector sets targets of earning 55 billion USD from export and generating 3 million jobs by 2025 (Source: VNA)
Hanoi (VNA) - The garment sector has set targets of earning 55billion USD from export and generating 3 million jobs by 2025.
The targets were unveiled at the sixth congress of the Vietnam Textile andApparel Association (VITAS) in Hanoi on December 12.
To meet the targets, the garment sector will capitalise on free trade agreementsVietnam has signed with its partners.
The VITAS will play a better role in connecting businesses with internationalorganisations and customers to elevate Vietnamese garments’ position in theglobal supply chain.
The VITAS proposed the Ministry of Industry and Trade soon submit to the Governmentfor approval a strategy for the development of Vietnam’s textile and garmentsector to 2030 with a vision to 2035.
It also proposed the Government and ministries accelerate administrativereform, remove difficulties, ensure a sound business investment environment andreduce costs for businesses.
The garment sector has been singled out for maintaining production and growthduring 2016-2020, especially in the context of the COVID-19 pandemic in 2020.
It has made good use of FTAs Vietnam has signed with the Republic of Korea, theEurasian Economic Union, the European Union (EVFTA), or of those FTAs to whichVietnam is a signatory, such as the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) and the Regional Comprehensive EconomicPartnership (RCEP).
Vietnam’s garment exports have increased considerably from 28.1 billion USD in2016 to 38.9 billion USD in 2019, posting an average growth rate of 9.55percent annually. The 2020 figure is expected to be 35.2 billion USD./.
Vietnam’s underdeveloped fabric production is making it difficult for textile and garment businesses to take advantage of free trade agreements, including the Europe – Vietnam Free Trade Agreement (EVFTA).
Prime Minister Nguyen Xuan Phuc asked the garment-textile and footwear sectors to promote the building of Vietnamese brands and supply chain linkages, and develop supporting industries during a working session with the sectors’ representatives in Hanoi on November 23.
Vietnam’s textile and garment industry is predicted to earn about 33.5 - 34 billion USD from exports in 2020, higher than the forecast of 30-31 billion USD in April, and down 14-15 percent year-on-year.
Vietnam’s textile and garment exports is set to fall 15 percent to 34 billion USD this year, the first drop in 25 years, over Covid-19 impacts. With the Covid-19 situation remains serious in the U.S. and some European countries, exports to these markets will continue to face difficulties due to a shortage of orders, the Ministry of Industry and Trade said in a recent report.
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Garment sector sets targets of earning 55 billion USD from export and generating 3 million jobs by 2025 (Source: VNA) 
