Vietnam’s Textile Sector Jumps To 5th Position In The World

- Jul 10, 2018 -

Vietnamese textile sector has become the second highest export earner and occupied the fifth position in the world, the Vietnam Cotton and Spinning Association (VCOSA) said it.

Vietnam's textile sectorFigure: Vietnam’s textile sector has occupied the fifth position in the world.

Vietnam exported textile items worth more than $31 billion last year, representing an annual rise of 10.23 percent. The growth is expected to continue this year with an estimated revenue of $33 billion.

Tran ThanhHai, Deputy Head of the department of export and import under the ministry of industry and trade, attended at the 4th Vietnam Textile Summit 2018 organized in Hanoi on June 27 by the ECV International and VCOSA where he said “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.”

Also Read: Vietnamese textile and apparel industry moving towards US$50 billion by 2020

Competitive labor costs and preferential policies will continue to help Vietnam become one of the ideal destinations for investors in the sector, said a press release.

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