Despite TPP Setback, Vietnam Garment Exports Touch USD 31 Billion Mark

Economy

Despite TPP Setback, Vietnam Garment Exports Touch USD 31 Billion Mark

The Vietnamese garment exporters’ basket has expanded substantially for the calendar year 2017 with the total export volume set to cross the USD 31 billion by end of December. In a Y-o-Y comparison the increase in exports stands at 10.23 percent.

At a press conference that was held in Hanoi, the premium body of apparel exporters, The Vietnam Textile & Apparel Association (VITAS) announced the positive development.

“On the face of it, 2017 has been a very challenging year for the Vietnamese exporters mainly owing to the US decision to pull out of the Trans Pacific Partnership (TPP),” said Vice Chairman of VITAS Truong Van Cam. TPP has currently been renamed as the Comprehensive and Progressive Trans-Pacific Partnership.

The Vietnamese garment and textile sector stood its ground and exhibited firm determination to overcome the odds and has now provided us with such heartening export figures,” he added.

The garment industry in Vietnam had in recent times availed of and put to good use technologies that facilitated corporate governance and business production. This in turn enabled them to manufacture products that were of better quality and also effectuate value additions.

According to Cam, “VITAS played its part in building trade by conducting training programmes and professional courses. We passed on our expertise and experience to business houses and helped them to hike their productivity. They were also introduced to smart production models.”

VITAS has also appealed to the government to usher in reforms for easing the administrative procedures that garment manufacturing firms are stipulated to follow. On December 15, VITAS will hold a conference to perform a review of the sector’s strengths and weaknesses in the city of Da Nang, a VITAS spokesman said.

With the year drawing to an end, the apparel sector managed to grab a massive USD 5.27 billion export volume for the months of November and December put together. This has helped Vietnam garment exporters to cross the USD 30 billion mark with twenty-odd days remaining.