The textile and garment industry of Vietnam is anticipated to make $45 billion in exports in 2022 after earning around $40.4 billion in 2021, according to the reports from Vietnamese media.
Media also reported based on quotes of Truong Van Cam, vice chairman of the Vietnam Textile and Apparel Association (VITAS), that the country’s textile and garment products account for a global market share of 5.2%, making Vietnam the world’s third largest textile exporter; its biggest importers are the US, South Korea, Japan, and Europe.
The textile industry has been expanding fast over the last five years, at 20%-26% annually.
To sustain the growth trend, the state should quickly disburse the financial aid package for enterprises and reform the mindset in attracting investment to textile and garment material production, VITAS official told the media.
He also advised businesses to take up eco-friendly practices such as reducing and recycling waste and move on to green production for sustainable value.