Vietnam textile, garment industry to grow further this year

HANOI: Vietnam’s textile and garment industry is set to earn US$45 billion in exports in 2022, compared to US$40.4 billion last year, Vice Chairman of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam said.

According to Vietnam news agency (VNA), he said the industry has been expanding fast over the last five years, at 20 to 26 per cent annually. Vietnam is currently the world’s third largest exporter in this sector.

The country’s textile and garment products are holding a global market share of 5.2 percent with the biggest importers being the US, the Republic of Korea, Japan, and Europe, it added.

Cam said in order to sustain the growth trend, the State should quickly disburse the financial aid package for enterprises and reform the mindset in attracting investment to textile and garment material production.

Meanwhile, businesses should adopt green manufacturing practices, including reducing and recycling waste, to meet the growing preference for environmentally friendly products, he added.-Bernama