If we can achieve this year's export target, Vietnam's textile and garment industry will rank higher in the world's top garment exporters.

Last year, Vietnam's clothing and textile exports ranked tenth in the world, after China, the European Union, Turkey, India, Mexico, Hongkong, Bangladesh, Indonesia and the United States.

According to Nguyen Son, vice president of the Vietnam clothing and Textile Association, if Vietnam's export target of $9 billion 500 million is completed this year, Vietnam's ranking will go forward.

He said that by 2015 or 2020, Vietnam's textile and garment industry is expected to rank among the top 5 in the world.

In order to achieve this year's export target, the textile and garment industry must achieve an average of 850 million US dollars per month in the rest of this year.

In the first 8 months of this year, exports of clothing and textiles reached US $6 billion 40 million, an increase of 20% over the same period last year.

In August, the export value of US $950 million was higher than the average monthly export value of US $7-8 billion in the first half.

Although the growth rate is very large, as in other industries, the textile and garment industry is facing many difficulties, because domestic and foreign markets and economic changes are not conducive to industrial development.

At present, Vietnam's Bank loan has an annual interest rate of 21%, and the profits of many companies are all used to repay interest on loans.

Some small and medium-sized enterprises are facing bankruptcy risks, and colleagues rely on foreign raw materials as a short board for domestic garment enterprises.

In addition, the textile and garment industry is facing trade protectionism and technical barriers in some countries, as well as anti-dumping actions in the United States.

The United States is the largest importer of clothing and textiles in Vietnam, accounting for 55% and 57% of Vietnam's exports, followed by the European Union, Japan, Russia, South Korea and Canada.

Vietnam's Ministry of Commerce and industry and Textile Organizations urged Vietnamese enterprises to restrict exports of low-priced goods to existing markets.