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Textiles and garments exports to reach US$11 billion
With a total turnover of US$9.166 billion in the first ten months, the Vietnamese textile and garment sector is estimated to earn US$11 billion from exports by the end of this year, an increase of US$500 million over the set target.
This announcement was made by Nguyen Son, Vice President of the Vietnam Textile and Apparel Association (VITAS) on October 26.
In recent times, the growth of the textile and garment sector has remained high; most of the main markets have shown an increase of 5-20 percent, including the EU (Up 7 percent in September and October), Japan (Up 14.7 percent) and Russia (Up 5 percent).
The US continued to be the biggest consumer market, with about 50 percent of Vietnam’s textile and garment export value.
Mr. Son also said many textile and garment businesses have received orders through the end of the first quarter in 2011. In addition, the Republic of Korea-ASEAN Free Trade Area, has meant Vietnamese textile and garment exports to the RoK recorded impressive growth of over 80 percent.
Many Italian businesses also want to invest in Vietnam’s weaving and dyeing, which could open new opportunities for Vietnamese businesses to develop export markets in the future.
With a goal of raising textiles and garments exports value to US$19 billion by 2015 and to US$25-27 billion by 2020, VITAS is implementing projects to produce 1 billion metres of cloth for export and developing cotton cultivation programmes in order to meet demand.
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