Vietnam’s garment-textile sector has set a target of $39 billion in export revenue this year, equal to the 2019 figure, according to the Vietnam National Textile and Garment Group (Vinatex), which recently said the country’s garment-textile exports was worth only $35 billion last year due to the pandemic, US-China trade tensions, trade protectionism and Brexit.
However, the figure last year was remarkable given global demand dropped by over 22 per cent, it said.
Vietnam was the only among the world’s top five garment-textile exporters not to have ceased production last year.
Vinatex recorded a total revenue of 15.5 trillion VND ($670.7 million) and combined profits of 628.9 billion VND, equal to 106 per cent and 164.8 per cent of the set targets respectively, a news agency reported.
Vinatex chairman Le Tien Truong urged the government to cut long-term interest rates, saying garment-textile firms would find it hard to access loans after a year of low business efficiency.
Under government management, the sector has reduced non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.