Garment becomes second largest foreign currency earner

Hanoi (VNA) - 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.

The 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.

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

The export value of textiles and garments from Vietnam to Japan reached 855.44 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 of Korea stood at 798.6 million USD and 268.95 million USD to China, an increase of 14.8 percent and 40.9 percent, respectively, against the same period in 2017.
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Meanwhile, the value rose by 11.8 percent to reach 806.23 million USD worth of exports to the European Union and by 26 percent to 228.36 million USD worth of exports to the ASEAN market compared to the same period last year.

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

Besides maintaining and developing export markets such as the United States, European Union, Japan and the Republic of Korea, the enterprises should focus on developing other markets such as ASEAN, Eurasian Economic Union, India and Latin American countries, including linkage with the distribution system in the local market.-VNA