Vietnam’s garment-textile sector sets a target of US$39 billion in export revenue this year, equal to that of 2019, according to the Vietnam National Textile and Garment Group (Vinatex).

Last year, due to the impact of the COVID-19 pandemic, the US-China trade tensions, the trade protectionism and the Brexit, Vietnam’s garment-textile exports reached only US$35 billion.

However, the result is still remarkable given the global demand dropping over 22%.

In 2020, Vietnam was the only among the world’s top five garment-textile exporters not to have to cease production.

Vinatex recorded total revenue of VND15.5 trillion (US$670.7 million) and combined profits of VND628.9 billion, equal to 106% and 164.8% of the set targets, respectively.

Vinatex Chairman Le Tien Truong suggested the Government cut long-term interest rates, elaborating that garment-textile firms would find it hard to access loans after a year of low business efficiency.

Enterprises hope for specific policies to be adopted by the Government to assist the support industry in the sector, he added.

According to Truong, localities have supported the sustainable and clean production of the garment-textile industry which, he said, must follow global rules set for the supply chain.

Under the Government management, the sector has reduced non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.