The Vietnam Textile and Garment Association has announced that the garment export turnover in the first five months of the year is estimated to reach US$5.1 billion, an increase of 36% year-on-year.
In May alone, the country’s garment export turnover reached $1.5 billion.
World economic experts forecast that European countries will not manufacture garments anymore by 2014, which will be to Vietnam’s advantage.
Until now the biggest consumers are the US, Europe and Japan. Fortunately, the recent tsunami tragedy in Japan has not affected the garment market.
During the first four months of the year, Viet Nam's apparel exports reached $3.8 billion, rising over 30% against the same period last year, an increase of 17-18% in volume and 12-13% in value.
At a 17-18 per cent growth rate, Viet Nam's garment and textile sector maintains a competitive edge in the world market and retains its market share.