Exports of Vietnamese textiles andgarments to Japan have maintained an impressive growth despite theglobal economic crisis, which saw the country’s exports to its twoother main markets, the US and Europe, plunge dramatically.
According to the Vietnam Textiles and Apparel Association (Vitas),Vietnam earned up to 778 million USD from exporting textiles andgarments to Japan in the first ten months of this year, a year-on-yearincrease of 15 percent compared to drop of 4.2 percent and 3.4 percentin the US and EU markets, respectively.
Vitas estimates that the country’s textiles and garments exports toJapan for the full year will reach 1 billion USD, an increase of 18-20percent on last year.
The President of Vitas, Le Quoc An, said that the target is well withinreach as Japan, the world’s second largest importer of textiles andgarments, has shifted to low-cost manufacturers in Asia such as India,Bangladesh and Vietnam, instead of China.
In addition, the Vietnam-Japan Economic Partnership Agreement broughtabout a zero-level tax for textiles and garments imported by Japan fromOct. 1, creating a huge opportunity for Vietnam to fully penetrate thisenormous market.
However, to ensure the sustainable growth of textiles and garmentsexports, Vitas recommends that domestic enterprises invest in modernequipment and advanced technologies, as well as create new designs toimprove their competitiveness, particularly for high-grade products.
At the same time as increasing production and exports to Japan,businesses have been advised to balance their exports across othermarkets to avoid taking any unnecessary risks.
Japan was Vietnam’s third largest importer of textiles and garments in2008, accounting for 820 million USD, or almost 9 percent, of thecountry’s export turnover in this sector.
According to the Vietnam Textiles and Apparel Association (Vitas),Vietnam earned up to 778 million USD from exporting textiles andgarments to Japan in the first ten months of this year, a year-on-yearincrease of 15 percent compared to drop of 4.2 percent and 3.4 percentin the US and EU markets, respectively.
Vitas estimates that the country’s textiles and garments exports toJapan for the full year will reach 1 billion USD, an increase of 18-20percent on last year.
The President of Vitas, Le Quoc An, said that the target is well withinreach as Japan, the world’s second largest importer of textiles andgarments, has shifted to low-cost manufacturers in Asia such as India,Bangladesh and Vietnam, instead of China.
In addition, the Vietnam-Japan Economic Partnership Agreement broughtabout a zero-level tax for textiles and garments imported by Japan fromOct. 1, creating a huge opportunity for Vietnam to fully penetrate thisenormous market.
However, to ensure the sustainable growth of textiles and garmentsexports, Vitas recommends that domestic enterprises invest in modernequipment and advanced technologies, as well as create new designs toimprove their competitiveness, particularly for high-grade products.
At the same time as increasing production and exports to Japan,businesses have been advised to balance their exports across othermarkets to avoid taking any unnecessary risks.
Japan was Vietnam’s third largest importer of textiles and garments in2008, accounting for 820 million USD, or almost 9 percent, of thecountry’s export turnover in this sector.
