Vietnamese garment exports have started looking up in a big way this year. The figures for garment textile exports are expected to touch the USD 35 billion mark. This happens to be higher than the target that was set up at the beginning of the year. The contributing factors for this surge in exports are large number of orders from foreign partners and healthy prospects of the world and domestic economies.
According to Vietnam Textile and Apparel Association Vice President, Truong Van Cam, “Domestic businesses have received full orders for the third quarter of this year and are negotiating to secure long-term contracts through 2019.”
Endorsing this view, the garment-textile hubs in Ho Chi Minh city disclosed that their firms have been booked with orders till the end of the year and some even to the initial months of 2019. Cam added, “Though the prices are likely to decline, the number of orders has been surging this year, especially with large-scale enterprises.”
According to Chairman of the Ho Chi Minh City Association of Garment, Textile, Embroidery and Knitting Pham Xuan Hong, “There are numerous prospects for the garment-textile sector this year thanks to a certain number of orders.”
“However, there remain challenges facing local businesses ahead, including fiercer competition from regional countries such as China, Myanmar and Cambodia,” he added.