Vietnam has faced a 14.5 percent decline year-on-year to over $10 billion in textile and apparel export in the first 5 months of the year, country’s General Office said this on 2nd June. However Vietnam targets 5 percent annual GDP growth in 2020.
United States, the European Union, Japan, South Korea and China are among its largest market. In first two months of the year Vietnam’s export of garments and textile products reached $5.3 billion which was 3.5 percent less than the previous year. In May alone, the export stood at $1.8 billion which was 34.3 percent less than previous year.
According to Vietnam Textile and Apparel Association, complex development of COVID-19 is responsible for the order reduction.
Vietnam, among the world’s biggest exporters and producers of garments and textiles fetched $32.6 billion in 2019, which was up 6.9 percent over the previous year, according to the statistic office. The industry aims to achieve an export turnover of about $32.55 billion in 2020 (at 5% GDP growth).
The news is based on The Financial Express