INSIGHTS
Vietnam's textile-garment sector is targeting an export turnover of $44 billion this year—up by 10 per cent YoY.
The sector's exports last year reached $39.5 billion—down by 10 per cent YoY.
The extended producer responsibility clause, the EU's carbon border adjustment mechanism and the trend of 'sustainable fashion' are some of the challenges this year.
The sector’s exports last year reached $39.5 billion—down by 10 per cent YoY—with products exported to a record 104 countries and territories, the Vietnam Textile & Apparel Association (VITAS) said.
The primary markets of such exports were the United States, Japan, the European Union (EU), South Korea, China and Southeast Asia. Africa and Russia were among the new markets.
The sector will witness several challenges this year, with the extended producer responsibility and the EU's carbon border adjustment mechanism coming into force as well as the trend of ‘sustainable fashion’ in place of ‘fast fashion’, VITAS vice chairman Truong Van Cam was quoted as saying by a domestic news agency.