Vietnam’s garment and textile export turnover is likely to reach 24.5 billion USD this year, a 19 percent rise against 2013 and the largest increase in the past three years.

With this result, the sector will bring in a trade surplus of 12 billion USD this year, according to the Vietnam Textile and Apparel Association (VITAS).

The association also mentioned a shift of orders from other countries to Vietnam thanks to bilateral and multilateral free trade agreements the country has signed and will sign with its partners.

In recent years, the sector has focused on diversifying material supply sources to ease the dependence on foreign source and increase competitiveness. To date, it has raised the localisation rate to more than 50 percent.

Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex), said the group’s subsidiaries have increased investment in material production, adding that their textile fabric output can meet 60 percent of domestic demand.

He emphasised the need to build a trademark for Vietnam’s garment and textile products. The sector also needs to improve its competitiveness in the global garment supply chain, he added.-VNA