Textile and garment exports likely to earn $13b in 2011

With a great amount of capital flouring into the textile and garment sector, its projected target for over $13 billion in export revenue this year is within reach.

Economists quote the Vietnam Textile and Apparel Association (VITAS) as saying Vietnam’s textiles and garments already reached $11.2 billion last year.

Vietnam’s biggest market was the US (more than $6 billion), followed by the EU (US$1.8 billion) and Japan (US$1.2 billion).

Vietnam has plenty of opportunity to increase its market share in the EU in 2011 as it currently ranks seventh among the largest exporters of textile and garment products to EU.

VITAS Secretary general Dang Phuong Dung believes it is possible to achieve the target.

In the first two months of 2011, the sector’s export turnover already hit more than $2 billion, she says.

Tags: Vietnam business, Vietnam business news