Vietnam’s textile export turnover in the first quarter has seen modest growth but is showing signs of recovery.
Citing data from the Ministry of Industry and Trade, a report in local publication Thu Trang, said export turnover of textiles and garments in the first quarter was estimated at $7.2bn, up 1.1% over the same period. The export turnover of fibres and fibres of all kinds increased by 31%, while turnover of curtain fabrics and other technical fabrics was up 8.8%.
The recovery of the sector has been assisted by government marketing which has promoted trade promotion, market search, and commodity trade as well as the Free Trade Agreements Vietnam has signed. While the recovery is a good signal for the second quarter of 2021, a flare-up of the pandemic could cause further problems with goods transportation.
The Ministry of Industry and Trade is expected to take advantage of opportunities from Free Trade Agreements to find solutions to develop markets and remove barriers to enter new markets, as well as prioritise the implementation of export promotion activities and export markets likely to recover from the pandemic in the near term, the report stated.
Last week, the US Department of the Treasury dropped Vietnam from its list of currency manipulators, a move that could reassure that the US might not impose new tariffs, quotas or other restrictions on Vietnamese imports as part of its Section 301 investigation.