Vietnam’s garment-textile export turnover is projected at US$38-39 billion in 2021, Le Tien Truong, Chairman of the Vietnam National Textile and Garment Group (Vinatex) said on December 29.

The UK-Vietnam Free Trade Agreement (UKVFTA), expected to come into force in the beginning of 2021, is promising several export opportunities to the European market for Vietnamese garment-textile and footwear enterprises.

VOV.VN - The first half of December has witnessed Vietnamese import-export turnover reach over US$25 billion, thereby increasing the turnover rate over the previous 11 months to more than US$515 billion, similar to 2019’s figure of approximately US$517.26 billion, according to the General Department of Customs.

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.

VOV.VN - Prime Minister Nguyen Xuan Phuc asked local textile-garment and footwear enterprises to take full advantage of free trade agreements (FTAs) during a working session with the sectors’ representatives in Hanoi on November 23.

Although the market has not fully recovered, footwear and handbags export turnover is expected to return to growth in the fourth quarter of this year during the year-end shopping rush in European and American countries.

Vietnam’s underdeveloped fabric production is making it difficult for textile and garment businesses to take advantage of free trade agreements, including the Europe – Vietnam Free Trade Agreement (EVFTA).

VOV.VN - Vietnam recorded a trade surplus totaling US$17.3 billion by mid-October, with import-export turnover during the first half of October reaching approximately US$25 billion, according to statistics released by the General Department of Vietnam Customs.

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.