According to the VCOSA, the sector has the second highest export turnover and occupies fifth position in the world. Last year saw goods worth more than US$31 billion being exported, representing an annual increase of 10.23%. The rapid growth rate is expected to continue in 2018 with estimated revenue of US$33 billion.
In addition to stabilising traditional markets, such as the US, the EU, Japan and the Republic of Korea, Vietnamese enterprises have also developed new export markets such as China, Russia and Cambodia.
Deputy Head of the Department of Export and Import under the Ministry of Industry and Trade, Tran Thanh Hai, said new Free Trade Agreements (FTAs) which Vietnam has signed or negotiated will benefit the country’s garment and textile sector.
In the 2018-22 period, the export tax of certain products will be reduced to zero, creating new opportunities for the country to increase export added value and promoteeconomic growth, he noted.
In addition, the competitive labour costs and preferential policies will continue to help Vietnam become one of the ideal destinations for investors in the sector, but the country should continue to compete to maintain its competitiveness with countries such as Bangladesh, Sri Lanka, Myanmar and Cambodia, he added.
