Vietnamese garment and textile enterprises have received enough orders to keep them busy through the first quarter of 2017, said Le Tien Truong, general director of Vietnam National Textile and Garment Group (VINATEX), last week.
The group targeted a rise of 11 percent in export turnover, 14 percent in production value, and 12 percent in revenue this year, Vietnam’s state-run news agency VNA quoted Truong as saying.
However, the official predicted that Vietnam’s garment and textile sector will face numerous challenges this year, including lack of support in taxation policies.
Competition will become fierce as other countries will continue attracting orders thanks to their advantages in tax and exchange rate, Truong said, adding that the instability in the European Union economy will also affect the industry.
In 2016, Vietnam’s apparel earned 28.3 billion U.S. dollars in export, up 5.7 percent year-on-year, representing much lower growth than the double-digit growth in the 2010-2015 period.