Vietnam's total export turnover for textiles and garments in the firsthalf of this year surpassed 8.9 billion USD, a 14.5 percent increaseyear-on-year, the Vietnam Textile and Apparel Association (VITAS)reported.
The textiles and garments industry isapproaching its 19.5 billion USD export target for this year afterreceiving sufficient orders to meet the goal, according to Le TienTruong, vice chairman of the Vietnam National Textile and Garment Group(Vinatex).
The Republic of Korea market saw thehighest growth of 32 percent, with export turnover topping 660 millionUSD and accounting for 7.5 percent of the sector's total shipments,Vinatex said.
The US and the EU are currently Vietnam's largestmarkets for textiles and garments, with revenue of 3.94 billion USD and1.29 billion USD respectively, followed by Japan at 1.1 billion USD.
Exports to the EU currently account for nearly 15percent of the total volume, and the industry aims to boost exports toJapan to a similar level.
The Korean market wasexpected to become the fourth largest for the country's textiles andgarments, with a total export turnover of more than 1 billion USD by2014, VITAS added.
The industry's profits in H1 accounted for 53 percent of the annual plan.
The domestic market posted modest growth of only 9.5 percent, the lowest in the last three years.
Vinatex itself enjoyed slightly better growth of 11 percent, according to Truong.
The unsold inventory stock dropped slightly by 2 percent compared tothe same period last year, with products remaining in the store for lessthan one year accounting for 82 percent of the total.
Truong said the industry was actively expanding in new markets such asTurkey, Africa and the Middle East, while maintaining growth intraditional markets like Russia, the EU, and Japan.
Local textile and garment companies are anticipating the success of theTrans-Pacific Partnership negotiations, which should boost exportturnover to several markets, especially the US, thanks to zero exportduties.-VNA
The textiles and garments industry isapproaching its 19.5 billion USD export target for this year afterreceiving sufficient orders to meet the goal, according to Le TienTruong, vice chairman of the Vietnam National Textile and Garment Group(Vinatex).
The Republic of Korea market saw thehighest growth of 32 percent, with export turnover topping 660 millionUSD and accounting for 7.5 percent of the sector's total shipments,Vinatex said.
The US and the EU are currently Vietnam's largestmarkets for textiles and garments, with revenue of 3.94 billion USD and1.29 billion USD respectively, followed by Japan at 1.1 billion USD.
Exports to the EU currently account for nearly 15percent of the total volume, and the industry aims to boost exports toJapan to a similar level.
The Korean market wasexpected to become the fourth largest for the country's textiles andgarments, with a total export turnover of more than 1 billion USD by2014, VITAS added.
The industry's profits in H1 accounted for 53 percent of the annual plan.
The domestic market posted modest growth of only 9.5 percent, the lowest in the last three years.
Vinatex itself enjoyed slightly better growth of 11 percent, according to Truong.
The unsold inventory stock dropped slightly by 2 percent compared tothe same period last year, with products remaining in the store for lessthan one year accounting for 82 percent of the total.
Truong said the industry was actively expanding in new markets such asTurkey, Africa and the Middle East, while maintaining growth intraditional markets like Russia, the EU, and Japan.
Local textile and garment companies are anticipating the success of theTrans-Pacific Partnership negotiations, which should boost exportturnover to several markets, especially the US, thanks to zero exportduties.-VNA
