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Garment sector targets 55 billion USD from exports by 2025

The garment sector has set targets of earning 55 billion USD from export and generating 3 million jobs by 2025.

The targets were unveiled at the sixth congress of the Vietnam Textile and Apparel Association (VITAS) in Hanoi on December 12.

To meet the targets, the garment sector will capitalise on free trade agreements Vietnam has signed with its partners.

The VITAS will play a better role in connecting businesses with international organisations and customers to elevate Vietnamese garments’ position in the global supply chain.

The VITAS proposed the Ministry of Industry and Trade soon submit to the Government for approval a strategy for the development of Vietnam’s textile and garment sector to 2030 with a vision to 2035.

It also proposed the Government and ministries accelerate administrative reform, remove difficulties, ensure a sound business investment environment and reduce costs for businesses.

The garment sector has been singled out for maintaining production and growth during 2016-2020, especially in the context of the COVID-19 pandemic in 2020.

It has made good use of FTAs Vietnam has signed with the Republic of Korea, the Eurasian Economic Union, the European Union (EVFTA), or of those FTAs to which Vietnam is a signatory, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Vietnam’s garment exports have increased considerably from 28.1 billion USD in 2016 to 38.9 billion USD in 2019, posting an average growth rate of 9.55 percent annually. The 2020 figure is expected to be 35.2 billion USD.

VNA