Textile-garment exports forecast to bag 34 billion USD this year

Textile-garment exports forecast to bag 34 billion USD this year. (Photo: baodautu.vn)

The Ministry of Industry and Trade said that 2020 is a particularly difficult year for Vietnam’s textile and garment industry as the market has many complicated and unpredicted fluctuations. Under the impact of the COVID-19 epidemic, textiles and garments are one of the industries with the greatest direct losses, along with tourism, aviation and footwear.

According to statistics reported by the Ministry of Industry and Trade, the textile industry’s export turnover reached an estimated 24.76 billion USD in the first 10 months of this year, declining by 9.3 percent compared to the same period last year.

The ministry said textile enterprises need to take measures, as well as adjust their production activities and business forms to suit the fluctuations of the market due to the severe impact of the COVID-19 pandemic.

Attention should also be paid to exploiting the domestic market and forming production chains meeting regulations of origin stated in free trade agreements that Vietnam signed with partners, it noted.

Addressing a recent working session to seek solutions to difficulties facing the industry amid the health crisis, Prime Minister Nguyen Xuan Phuc suggested the sector strengthen application of digital technologies and make effective use of FTAs.

The Government leader also emphasized the need to develop modern and environmentally friendly industrial parks serving the textile and garment industry, and strengthen the application of the circular economy./.


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