Textile and garment sector confident to achieve $13b export earnings this year

In the first two months of this year, Vietnam’s exports of the textile and garment industry gained more than $2 billion, with good signals from large markets such as the US, Japan, Europe.

Dang Phuong Dung, vice President, general Secretary of Vietnam Textile and Apparel Association said that Vietnam’s garment and textile sector is very confident in the completion of the export target of $13 billion this year.

According to Dung, Vietnam’s garment and textile exports in the first two months of this year have risen very high over the same period, reflecting the sector’s efforts in completing the targets in 2011.

In particular, investors are moving away from investment in textile and dyeing to garment. Vietnam’s garment sector is also looking to increase market share to other major markets.

In 2010, Vietnam exported $11.2 billion of textiles and garments. Particularly, textiles and garments exported to the US market reached more than $6 billion, up 22 percent compared to 2009.

Therefore, export market share of Vietnam’s garment sector in the US market also increased from 4.6 percent to 5.1 percent. European markets remained difficult despite a growth rate of nearly 14 percent to $1.8 billion.

According to the Vietnam Textile and Apparel Association, in 2011 and a few years, Vietnam’s garment and textiles are still having many opportunities to increase market share in Europe. Besides, Vietnam is considered as the 7th largest supplier of garments into this market.

The exports of garment and textiles to the Japanese market also rose 20 percent to $1.2 billion turnover.

 

Category: Business