Vietnam on course to meet textile, garment export target
While another $8 billion worth of exports is needed before the yearend to fulfil Vietnamese Government’s 2017 export target of $31 billion in textiles and garments, the average export growth rate in August and September indicates the target is achievable, according to Le Tien Truong, general director of Vietnam National Textile and Garment Group (Vinatex).
Vietnam’s textile and apparel exports were worth $28 billion in 2016 and exports growth is projected to reach 10 per cent this year, a Vietnamese online newspaper reported.
Of the five major destination markets for Vietnamese clothing goods, the United States, Japan, South Korea and China are members of the Asia-Pacific Economic Cooperation (APEC) and jointly constitute 70 per cent of export turnover, contributing remarkably to the country’s export growth in 2017. The fifth is the European Union (EU).
Exports to these five markets have witnessed exponential growth, said Truong.
From January to September this year, the clothing industry grossed $23 billion in export turnover, including yarn exports at $2.6 billion, materials and non-woven fabrics at $1.1 billion and clothes at $19.6 billion.
Exports to the US market have grown by 6.5 per cent and are expected to reach about $13 billion this year. Exports to Europe and Japan have posted slower growth, between 4 and 4.5 per cent. Exports to the South Korean market are expected to hit nearly $2 billion this year.
In the first eight months of this year, apparel and textile exports to China rose by 30 per cent to $670 million. Export turnover to the Russian market will likely exceed $200 million this year making it among the top 10 apparel export markets.
Russia is considered a potential market for Vietnam over the next five years, Truong added. (DS)
Fibre2Fashion News Desk – India