Business

Garment becomes second largest foreign currency earner

The textiles and garment industry gained the second-largest export value in the first four months of this year, after the export value of phones and their components, according to the Ministry of Industry and Trade.
Garment becomes second largest foreign currency earner ảnh 1The export value of textiles and garments in the first four months was estimated at 8.6 billion USD, a year-on-year increase of 15.7 percent (Illustrative image. Source: VNA)

Hanoi (VNA) - Thetextiles and garment industry gained the second-largest export value in thefirst four months of this year, after the export value of phones and theircomponents, according to the Ministry of Industry and Trade.

The export value of textiles and garments in the first four months wasestimated at 8.6 billion USD, a year-on-year increase of 15.7 percent.

Regarding the export markets, the ministry said in the first three months ofthe year, the United States ranked first, with the export value oftextiles and garments from Vietnam reaching 3.04 billion USD, a year-on-yearsurge of 11.6 percent. This accounted for 47.3 percent of the total garmentexport value.

The export value of textiles and garments from Vietnam to Japan reached855.44 million USD, 19.6 percent higher than the same period last year,accounting for 13.3 percent of the total export value.

The export value of textiles and garments to the Republic ofKorea stood at 798.6 million USD and 268.95 million USD to China, anincrease of 14.8 percent and 40.9 percent, respectively, against the sameperiod in 2017.
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Meanwhile, the value rose by 11.8 percent to reach 806.23 million USD worth ofexports to the European Union and by 26 percent to 228.36 million USD worth ofexports to the ASEAN market compared to the same period last year.

To reach the target of 35 billion USD in total textiles and garment exportvalue for this year, the Vietnam Textile and Apparel Association has askedenterprises to fully exploit the working capacity of their workers as well asrestructure their management practices to improve labour productivity.

Besides maintaining and developing export markets such as the UnitedStates, European Union, Japan and the Republic of Korea, theenterprises should focus on developing other markets such as ASEAN, EurasianEconomic Union, India and Latin American countries, including linkage with thedistribution system in the local market.-VNA
VNA
#garment #textile #export value #Ministry of Industry and Trade #Japan #Republic of Korea #China #ASEAN #Eurasian Economic Union #market #Vietnamplus #Vietnam News Agency
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