Garments expect US $13.5 bln in exports

Việt Nam’s garment and textile exports are forecasted to rake in US $13.5 billion in turnover in 2011, up 20.5% against last year and higher than the yearly target by US $0.5 billion, according to the Ministry of Industry and Trade (MoIT).

Holding 2.7% of the global market share, Việt Nam is the seventh largest garment and textile exporters in the world after China, the EU, Hong Kong, Turkey, Bangladesh and India, according to the World Trade Organization (WTO).

The US, EU, Japan, Canada and Russia are the biggest importers of Vietnamese garment and textile exports.

In the first half, Việt Nam pocketed US $6.16 billion from apparel goods, making a 30% growth rate, a record in the last four years.

The MoIT forecasted that the US, EU and Japan would remain the country’s major importers. Meanwhile, the Republic of Korea (RoK), Russia and Canada would be seen as the potential markets in the future.

The ministry predicted that exports to the RoK would be expanded following validity of a bilateral trade agreement between the two sides and the operation of Korean businesses, which make up 18% of garment and textile firms in Việt Nam.

Kim Anh

vgp

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