Garment and textile exports are expected to rise by 15-16 per cent this year to between US$24.5 billion and 25 billion.— VNA Photo

HCM CITY (Biz Hub) — Garment and textile exports are expected to rise by 15-16 per cent this year to between US$24.5 billion and 25 billion, according to the Viet Nam Textile and Apparel Association.

Shipments in the first nine months were worth nearly $18 billion, an increase of 19 per cent year-on-year, said Nguyen Dinh Truong, deputy chairman of the association, said. With this, the sector is confident of exceeding the year's target by $500 million to $1 billion, he said.

However, in the first nine months import of feedstock by the sector cost $11 billion.

Truong said companies are switching to domestic feedstock from imports while speaking at the opening of the 14th Vietnam International Textile & Garment Industry Exhibition in HCM City yesterday.

As a result of an 18 per cent increase in the sales of feedstock the textile and garment industry saw revenues rise by 12 per cent, he said.

The export market has already seen positive signs for next year with a surge in the number of orders for the first quarter, he said.

Viet Nam's free trade agreements with the EU, South Korea, and the Customs Union of Russia, Belarus and Kazakhstan, and the Trans Pacific Partnership herald huge opportunities for the industry, he said.

But the industry needs to improve its productivity, quality, and competitiveness with investment in new technologies, machinery, and innovation, he said.

At the exhibition more than 200 companies from 10 countries and territories like mainland China, India, Japan, Singapore, Taiwan, Turkey, and the US are displaying the latest machinery, equipment, and technologies.

The products include machinery and equipment and accessories for spinning and weaving, embroidery, steaming, bleaching, and washing besides chemicals and dyes.

The Association of Garments, Textiles, Embroidery and Knitting is set to hold seminars on the sidelines to discuss current trends and the latest techniques and technologies in the industry.

The event at the Tan Binh Exhibition & Convention Centre will go on until November 1. —VNS