Vietnam’s garments exports up 17.4 percent

Vietnam earned 5.87 billion USD from garment exports in the first seven months of this year, a year-on-year rise of 17.4 percent.

The country has also seen a positive growth in most of its export markets as compared to the same period last year, reported the Vietnam Garments and Apparel Association (Vitas).

The Republic of Korea (RoK) topped the list of markets with an 80 percent growth rate thanks to a reduction in tariff in line with the ASEAN-RoK Free Trade Agreement. It was followed by ASEAN, with a growth rate of 30 percent; the US , 23 percent and Japan, 15 percent.

In addition, domestic companies have begun to ship raw materials overseas, especially fibres, instead of only finished products as previously.

The Chairman of Vitas, Le Quoc An, said that many businesses have received orders for the third quarter and some even for the whole year plus prices have risen by 10-15 percent year-on-year.

The industry is likely to reach its yearly target of 10.5 billion USD in export turnover, including 1.8-1.9 billion USD from fibres, he said.

To ensure sustainable development, businesses have made every effort to boost domestic sales, with an average annual growth rate up to between 15-18 percent.

General Director of the Vietnam Garments and Textiles Group Vu Duc Giang said that the industry earned 6 trillion VND from the domestic market in the first half of the year, a year-on-year increase of 28 percent.

The sector now has more than 1,500 shops and distributors across the country. Many companies, including May 10, Nha Be, Viet Tien and Thang Long, have opened shops to sell tailor-made products and linked up with others to set up chains of stores.

Tags: Vietnam garment exports, Vietnam Garment industry