Garment exports likely to reach $38 bln

Thanks to loosened social distancing in October, the country’s garment and textile production, especially in Ho Chi Minh City and other southern localities, quickly recovered, with over 90 percent of workers returning to factories, said VITAS.

Garment and textile export turnover rose nearly 11 percent year-on-year to $32 billion in the first 10 months. Specifically, yarn export stood at $4.5 billion.

Vietnam is estimated to make a yarn export turnover of some $5.3 billion and $2.4 billion for cloth this year.

The country’s garment and textile export turnover would surge to $43-43.5 billion next year amid increasingly bigger global demand, VITAS predicted, urging its members to further tap markets like the U.S., European Union.

Last year, garment and textile exports dropped by 9 percent to $35 billion.