Textile and garment export just reached US$13.15 billion, an increase of 4.7 percent compared to the same period last year, as per a report of the Ministry of Industry and Trade.
The figure is much lower than previous years, the ministry said. Three major markets of Vietnam include the US, Japan and South Korea.
The US topped US$6.52 billion, up 3.48 percent compared to the same period last year and accounting for 49.6 percent of the country’s total textile export turnover. The second biggest market is Japan with nearly US$1.55 billion, up 4.4 percent and the third biggest market is South Korea with US$1.07 billion, a rise of 13.7 percent.
However, a representative from the Ministry said that US importers just expected to clear out inventories rather than laying new orders. Accordingly domestic businesses are facing difficulties in finding new orders.
Vietnam expects to benefit from the Trans-Pacific Partnership (TPP) however its effects may cause difficulties because countries that are not TPP members have adopted many policies to increase its competitiveness capability.
With such barriers, the US$ 39 billion export target of textile and garment will hardly be reached. Economists forecast that in 2017, Vietnamese textile and garment will face more difficulties because the world demand shrinks.