Vietnam gained nearly $4.9 bn from exporting garments and textiles in the first two months of this year, up 19 per cent year-on-year, according to the country’s Ministry of Industry and Trade. Between January and February, products witnessing significant export growth included fabrics made from natural fibers (up 14 per cent), fabrics from synthetic fibres (up 14 per cent) and clothing (up 11 per cent).
The revenue surge was mainly attributable to strong market demand, with many orders already placed for the first six months of this year or even the whole year, said the Ministry. By the end of this year, total export turnovers of the industry may reach $40 bn, the Vietnam Textile and Apparel Association forecast.
Vietnam, among the world’s five biggest exporters and producers of garments and textiles, posted garment and textile export turnovers of over $30.4 bn in 2018, up 16.6 per cent from 2017. However, Vietnam had to spend more than $12.9 bn importing cloth last year, up 13.5 per cent, the association said, noting that most of local cloth has yet to satisfy quality requirements of the country’s key garment export markets.