Apparel product export targets $18-20b in 2015

2010 was considered a successful year for Vietnam’s garment and textile sector with an export turnover of more than $11.2 billion, becoming the country’s key economic sector.

Basing on above results, Vietnam’s garment and textile sector targets to become the country’s key export sector with an export turnover of $18-20 billion by 2015.

Vietnam Garment and Textile Group (Vinatex) said that in 2010, the group maintained high export growth (up 23 percent year-on-year) and achieved export turnover target of $11.2 billion, considerably contributing to the country’s export turnover and maintaining amongst top ten world ‘s apparel products exporters.

Of which, Vietnam’s garment and textile export to the US market gained $6 billion (increasing 22 percent from 2009), bringing the country’s garment and textile export market share up from 4.6 percent to 5.1 percent in the US market and continued to be in top five exporters to the US market. This is good news for Vietnam’s apparel product exporters because the export market share of some other countries to the US market decreased.
Vietnam still gained high growth rate (about 20 percent), accounting for 55 percent of the market share of this market.
Vietnam’s export for apparel products to EU market grew 20 percent, reaching about $1.8 billion, up 14 percent year-on-year and accounting for 2.02 percent of the market share in this market.

Vietnam’s export for apparel products to the Japanese market also grew about 20 percent, reaching $1.2 billion.

With advantages in signed trade agreements, Vietnam has been expanding the export markets for apparel products to many other potential markets. In large market such as the US and Japan, Vietnam’s garment and textile sector continued to be the second biggest exporter for this item and accounted for about 2.5 percent of the market share of the global market share in garment and textile sector.

The Vietnam Association of Garment and Textile (Vitas) confirmed that the target of an export turnover of about $13 billion in 2011 will be feasible. – Tuoitre

Tags: Vietnam Apparel product exports