Saturday, 16 Dec 2017

Textile sector efforts to growth target

Updated at Thursday, 16 Feb 2017, 11:07
The Hanoitimes - The whole industry export turnover in 2016 is estimated to reach tired garment of $ 28.5 billion, up 5.2% compared to 2015, but still lower than the expected of $1.5 billion. Forecasting that 2017 market situation is more difficult to textile industry, reaching over $30 billion.

2016, in the first 6 months of the year, production activities, relatively favorable trading, however, in the last 6 months, it's really hard, starting with the UK leave the EU events, immediately significant impact on business world, with the pound soon be devalued, fresh lows of 31 years. The event was also a great influence on Vietnam - EU free trade agreement (EVFTA), expected soon effect in 2018, at the same time directly affecting Vietnam's garment sector. Before this event occurs, Vietnam's garment export growth in this market is 9%, in last 6 months of negative growth, but the UK is the largest market of Vietnam in the EU.

The new US President Donald Trump with new policies have many potential risks for the world textile industry in general. The instability of the EU economy with Italian Prime Minister to resign, at the end of quarter I/2017 will be officially implemented. Proposed referendum on United Kingdom membership of the European Union will also affect the market demand of the EU textiles in 2017. Vietnam's economy in 2017 hopes to be more prosperous than when the conditions for economic growth remaining favorable basis, but the Government has no specific policy to support the textile sector.

Share on favorable opportunities for textile companies from EVFTA and certain other FTAs, Textile Group representative confirmed: "EVFTA is great agreement by the market scale reached 200 billion US dollars of textiles each year. However, 2017 is not yet effective EVFTA year, new hope 2018 will be the year 2017 and prepare for the requirements of the agreement.
Translated by Tuan Minh
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