VOV.VN - With export turnover surging by 11% to reach approximately US$32 billion during the past 10 months of the year, the local garment and textile industry is anticipated to rake in roughly US$38 billion this year, according to the Vietnam Textile and Apparel Association (Vitas).

VOV.VN - Business magazine Forbes of the United States recently published an article explaining why the Vietnamese textile industry has been able to combat the impact of the novel coronavirus (COVID-19) pandemic.

The US$300-billion export target set in early 2020 remains challenging, requiring not only strong efforts from local enterprises, but also the recovery of global demand amid complicated COVID-19 situation.

More and more Italian textile firms are investing in Vietnam to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and export to the European market, experts said.

Plans by the United States to ban Chinese cotton is unlikely to affect Vietnam’s garment and textile industry as a large portion of the materials the Southeast Asian nation imports come from the US.