According to Vietnam’s “Economic Times” report on July 19, according to statistics from the Vietnam Textile Association, Vietnam’s textile industry exported US$12.6 billion in the first six months of 2016, only completing 41% of the annual plan target and growing only 5% year-on-year.
Vu Duc Giang, chairman of the Vietnam Textile Association, said that in the first six months of 2016, the growth in export value of Vietnam’s textile industry was lower than expected, the lowest in 10 years. The main reason is that while the global economy is still in a difficult situation, international textile prices have fallen and consumer demand has slowed down in many countries. In addition, Vietnamese textile companies are facing fierce competition in the export market, increasing labor costs, and many difficulties arising from policies. The export value of clothing, yarn, thread, fabrics and other products has dropped significantly. The annual textile industry export volume is expected to be only US$29 billion, which is difficult to achieve the US$30 billion target set at the beginning of the year. Vietnam’s textile industry exports are difficult to meet the annual plan target
