Garment and textile sector faces tough times

Vietnam’s garment and textile sector is finding it difficult to reach its export target of US$9.5 billion this year, according to economic experts.

The Vice Chairman of the Vietnam Garment and Textile Association, Pham Xuan Hong said that in the first six months of the year, export turnover had only reached US$4 billion, down by 4.7 percent against the same period last year. Export prices are also estimated to have fallen by 10-15 percent compared to last year’s figures.

Economic analysts also warned that some major import markets have not yet recovered including the US, Europe and Japan.

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