Vietnam’s garment-textile sector has set a target of $39 billion in export revenue this year, equal to the 2019 figure, according to the Vietnam National Textile and Garment Group (Vinatex), which recently said the country’s garment-textile exports was worth only $35 billion last year due to the pandemic, US-China trade tensions, trade protectionism and Brexit.
However, the figure last year was remarkable given global demand dropped by over 22 per cent, it said.Vietnam's garment-textile sector has set a target of $39 billion in export revenue this year, equal to the 2019 figure, according to the Vietnam National Textile and Garment Group, which recently said the country's garment-textile exports was worth only $35 billion last year due to the pandemic, US-China trade tensions, trade protectionism and Brexit.#
Vietnam was the only among the world’s top five garment-textile exporters not to have ceased production last year.
Vinatex recorded a total revenue of 15.5 trillion VND ($670.7 million) and combined profits of 628.9 billion VND, equal to 106 per cent and 164.8 per cent of the set targets respectively, a news agency reported.
Vinatex chairman Le Tien Truong urged the government to cut long-term interest rates, saying garment-textile firms would find it hard to access loans after a year of low business efficiency.
Under government management, the sector has reduced non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.
Fibre2Fashion News Desk (DS)
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