In 2017, Vietnam made a number of breakthroughs, with exports expected to reach USD31 billion, at a year-on-year growth rate of 10.23%. On this basis, the momentum of rapid growth in 2018 will be maintained with an estimated export volume of USD33.34 billion. In addition to stabilizing the traditional markets such as the United States, the European Union, Japan and South Korea, local enterprises in Vietnam have also developed emerging export markets such as China, Russia and Cambodia.
The production of Vietnam local enterprises has started to shift from processing and exporting for the processing of foreign companies to direct export and design and manufacturing of origin. Although there is no TPP, the new generation of Free Trade Agreements (FTAs) will bring many benefits to the textile and garment industry in Vietnam.
Some more opportunities should also be followed. During 2018-2022, tariffs will be sharply reduced, tariffs on certain products gradually zero, creating new opportunities for boosting export value and promoting economic growth. Competitive labor costs and incentive domestic policies continue to make Vietnam one of the ideal destinations for textile industry investors in recent years.
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