The garment and textile sector continues to top the country in terms of export thanks to right strategies in business administration and local firms’ increasing prestige in the world market.

The sector’s export value is likely to hit a three-year high of 24.5 billion USD, surpassing the set target by nearly 1 billion USD.

This is the result of the whole sector’s joint efforts in orienting production strategies and selecting export markets as well as raising the rate of locally made materials to over 50 percent, said Vice President of the Vietnam Textile and Apparel Association (VITAS) Le Tien Truong.

Vietnamese garment and apparel products have gained a firm foothold in almost all foreign markets, especially the US (8.85 billion USD), Japan (2.38 billion USD) and the Republic of Korea (1.96 billion USD). The three markets make up nearly 70 percent of Vietnam’s total export turnover.

Economists said that signed and pending free trade agreements (FTAs) are opening up a lot of good chances for the sector to grow further as import tariffs may drop to zero in many markets.

Tax incentives to be brought by the Trans-Pacific Partnership (TPP) Agreement, expected to be signed next year, will also create favourable conditions for garment businesses to expand their presence in the US market.

For sustainable development, Deputy Minister of Industry and Trade Ho Thi Kim Thoa suggested enterprises establish their own trademarks and meet importers’ requirements on product quality, chemical management and social responsibility.-VNA