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Increase expected in Vietnamese garment export

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Increase in textile exports predicted
Increase in textile exports predicted

The Vietnamese textile and garment exports turnover is expected to increase in 2017 reaching the target of $30 billion, said was so by the Vietnam Textile and Apparel Association (VITAS). According to the stamen of the association about 2 billion dollar worth investment has been poured into the sector in the year 2017. The new turnover was 17 billion dollar in the initial 7 months of the year 2017. However there are still some barriers on the sector’s proceedings.

On the other hand the country has not seen any foreign direct investment on a large scale as it was seen about 3 years ago. However the foreign investors can be seen expanding their current projects. The ministry of textile industry has also cautioned that the export market has also increased their remedies for trade against the Vietnamese products. For instance India has imposed a tax of about 35 to 45% on the elastomeric filament yarn. While the South Korean Enterprises named as the Long Thai Tu yarn has planned to invest about 50 million dollar in order to expand the workshop in the Long Khanh industrial Zone in the Dong Nai.

Thou the companies are not expecting any nil tax; the Vietnam remains a major garment exporter, globally. This was claimed by Vu Duc Giang, the chairman of VITAS.