Vietnam’s garment and textile export turnover is expected to hit US$19 billion this year, $1 billion higher than the set target.
|Illustrative image. (Photo: SGGP)|
According to the Ministry of Industry and Trade, the January-October figure was estimated at $14.8 billion, representing a year-on-year increase of 18.7 percent.
The Republic of Korea, the US and Japan were the biggest importers of Vietnamese products, posting growth rates of 68 percent, 37 percent and 35 percent, respectively, against the same period last year.
Local textile and garment companies are anticipating the success of the Trans-Pacific Partnership negotiations, which should promote export turnover to several markets, especially the US, thanks to zero export duties.
Industry insiders said participation in the agreement would create favourable conditions to boost Vietnam's textile and garment sector as the third key industry of the country.
However, businesses said that they had to compete with rivals from other textile producing countries in buying materials and that material suppliers took the advantage of material shortages to increase material prices by 10-15 percent. These problems affected the accomplishment of orders, they added.