According to Vitas, the US trade tension with China beginning in March was one of the main factors affecting the global textile picture in 2018. If the US extended curbs on Chinese garments and textiles, Vietnam could export more to the world’s largest economy, the association said.
Vitas forecast that Vietnamese apparel exports to the US would likely hit nearly $13.84 billion in 2018, 11 percent higher than 2017.
Vietnam earned a total turnover of $7.83 billion from textile and garment exports from January to March, surging 15.4 percent over the same period last year, mainly thanks to the country’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and its efforts to speed up exports to China.
Besides the US, Vietnamese shipments of textile and garment products to the three major markets of Japan, the Republic of Korea and China also experienced encouraging respective growths of over 27 percent, 22.3 percent and 26 percent, reaching $958 million, $896 million and $832 million.
Meanwhile, exports of these items to the EU – another important outlet – saw a modest yearly rise of 1 percent to $1.13 billion, according to the department’s statistics.
With a positive performance in the first quarter, Vietnam’s textile and garment industry is striving for a year-on-year increase of 10 percent in export value, to $34.3 billion for the whole of 2018, Vitas said.