Garment exports hit US$5.1 billion

Garment makers have fetched nearly US$5.1 billion from exports since the beginning of this year, a fall of only 1 percent from a year ago, according to the Vietnam Textile and Apparel Association (VITAS).

Despite a decline in value, garments remain Vietnam’s leading export item, says VITAS president Le Quoc An.

He explains that while garment exports to traditional markets such as the United States and the European Union experienced a considerable decline, businesses persisted in finding new outlets, diversifying markets and expanding cooperation. As a result, exports to Taiwan, Singapore and the Republic of Korea have increased by 40 percent.

Notably, Vietnam shipped US$430 million worth of its garments to Japan in the past 7 months, becoming the third biggest garment exporter to this Northeast Asian nation.

To boost exports, Vietnam should make the best of its competitive advantages, including reasonable labour costs, a good working environment and socio-political stability, says Mr An.

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