The Vietnam Cotton and Spinning Association (VCOSA) recently said the textile sector has the second highest export turnover and occupies fifth position in the world. Vietnam exported textile items worth more than $31 bn last year, representing an annual rise of 10.23 per cent. The growth is expected to continue this year with estimated revenue of $33 bn.
Between 2018 and 2022, the export tax on certain products will be reduced to zero, creating new opportunities for the country to promote economic growth, Tran Thanh Hai, Deputy Head of the Department of Export and Import under the Ministry of industry and Trade said. Competitive labour costs and preferential policies will continue to help Vietnam become one of the ideal destinations for investors in the sector.