China is expected to become a major buyer of Vietnamese garments

Vietnam’s textile and garment exports to China in Q1 experienced the highest growth among the five largest export markets. The E.U. is facing the risk of a pandemic resurgence, while Japan’s economy is yet to revive. China has indicated in its 14th five-year plan that it will not concentrate on textile production in the 2021-2025 period. Vietnam’s textile exports in the first five months of 2021 hit $12.2 billion, up 15 percent year-on-year, according to the General Statistics Office.

Vinatex targets revenues of VND1.5 trillion ($66 million) this year, and pre-tax profit of V Nguyen201 billion ($65 million) up 37 percent, up 5 percent year on year. The group said it will continue to divest from ineffective companies.