Vietnam clothing and textile exports climb in H1
Vietnam saw its textile and garment exports grow more than 14% in the first half of 2018 thanks to strong growth in the majority of its markets.
One of the world's five largest textile and garment exporters and producers, Vietnam's exports reached US$16bn in the six-month period, according to the Vietnam Textile and Apparel Association (VITAS).
During the period, the production of fabrics from natural yarn was estimated to have increased 9.7% to 274.6m sq m. The production of synthetic fabrics and clothing, meanwhile, was estimated at 525.9m sq m and 2.305bn units, up 21.1% and 10.4%, respectively, over the same period last year.
Stronger growth was seen in exports to the US, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member nations, the European Union (EU), South Korea, China and the Association of South East Asian Nations (ASEAN), according to local reports.
According to an overview of Vietnam on re:source, the new online strategic planning tool from the team behind just-style, Vietnam is the world's third largest clothing exporter, and has benefited as producers and buyers diversify their supply chains, helped by its low labour costs and industry focus on specialisation, modernisation, and increasing value added.
It stands to gain from duty-free access to the EU market once the EU-Vietnam free trade agreement comes into force, and is widely expected to be one of the biggest beneficiaries of the Comprehensive and Progressive Pacific Partnership (CPTPP) free trade deal.