Report by the General Customs of Vietnam shows that garment and textile and footwear export turnover posted robust growth in May.
Garment and textile exports were estimated at US$1.65 billion in May, an increase of 0.8 percent over the previous month, sending five-month garment and textile exports to above $8.11 billion, up 8.7 percent compared to the same period last year.
According to the Vietnam Textile and Apparel Association, nearly 62 percent of garment businesses have seen higher amount of contracts in the second quarter of this year, compared to previous quarter.
Footwear exports have been experiencing the same situation. According to the Ministry of Industry and Trade, footwear exports were estimated at $1.1 billion, up 11.8 percent compared to previous month. In the first five months of this year, footwear export turnover reached $4.63 billion, up 19.5 percent over the same period last year.
A survey by the General Statistics Office said that 55.7 percent of footwear businesses have got more export contracts in the second quarter of 2015.
Garment and textile and footwear industries are expected to have many advantages when free trade agreements (FTA) take effect. Since the beginning of this year, the number of foreign investors investing in Vietnamese garment and textile industry in order to wait for FTAs, such as TTP, FTA Vietnam – EU, and FTA Vietnam – South Korea in front, has been continually increasing because Vietnam is considered to receive most benefit as many tariffs will be cut to zero percent.