The Vietnam’s textile and garment sector posted a total export revenue of over $17.97 bn in the first six months of this year, an increase of 8.61 per cent over the same period in 2018, according to Vietnam Textile and Apparel Association (VITAS).

Meanwhile, the import revenue of the sector reached $11.39 bn during the six-month period, a year-on-year increase of 5.66 per cent. VITAS Vice Chairman Truong Van Cam said that the number of orders this year is not as satisfactory as in 2018 and textile and apparel firms are facing a shortage of orders.

Cam noted that the number of orders of many enterprises is only equivalent to 70 per cent of the same period in 2018 and the consumption of yarn and accessories is encountering a lot of difficulties.

The whole textile and garment sector has grown less than 9 per cent in the first half of this year, requiring the sector to expand by 11-12 per cent by the year’s end to fulfil the target of reaching an export turnover of $40 bn in 2019, Cam added.

He said that the main reasons for the reduction in number of orders include the higher and more demanding requirements from buyers, pressure on reducing prices and increasing trade barriers such as import tariffs, quality inspection, among others. In the January-June period, the US remained the largest export market of Vietnamese textiles and garments with Vietnam’s total export revenue to the US at $7.22 bn, up 12.84 per cent compared to the same period in 2018. The market accounted for 46.9 per cent of Vietnam’s total export revenue of textiles and garments.

Vietnam also attracted approximately $700 mn worth of foreign direct investment in 63 garment and textile projects in the first five months of this year, including 17 Chinese-invested projects, 12 projects invested by the Republic of Korea, among others.