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Garment-textile exports to Japan continue to rise
Exports of Vietnamese textiles and garments to Japan have maintained impressive growth despite the global economic crisis, while those exports to its two other main markets, the US and Europe, plunged dramatically.
According to the Vietnam Textiles and Apparel Association (Vitas), Vietnam earned up to US$778 million from garment exports to Japan between January October 2009, a year-on-year increase of 15 percent compared to drop of 4.2 percent and 3.4 percent in the US and EU markets, respectively.
Vitas estimates that the country’s garment exports to Japan this year will reach US$1 billion, up 18-20 percent against last year.
Vitas President Le Quoc An said that the target is well within reach as Japan, the world’s second largest importer of garments and textiles, has shifted to low-cost manufacturers in Asia such as India, Bangladesh and Vietnam, instead of China.
In addition, the Vietnam-Japan Economic Partnership Agreement brought about a zero-level tax for garments and textiles imported by Japan from October 1, creating a huge opportunity for Vietnam to fully penetrate this enormous market.
However, to ensure the sustainable growth of textile and garment exports, Vitas recommends that domestic enterprises invest in modern equipment and advanced technologies, as well as creating new designs to improve their competitiveness, particularly for high-grade products.
At the same time as increasing production and exports to Japan, businesses have been advised to balance their exports across other markets to avoid taking any unnecessary risks.
Japan was Vietnam’s third largest importer of textiles and garments in 2008, accounting for US$820 million, or almost 9 percent, of the country’s export turnover in this sector.
VOV, VNA
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