Business

Vietnam among world’s top apparel exporters

Vietnam has become one of the biggest garment-textile exporters in the world with apparel products shipped to 180 nations and territories and export turnover reaching 12.18 billion USD in the first half of 2015, a yearly increase of 10.26 percent.
Vietnam has become one of the biggest garment-textile exporters inthe world with apparel products shipped to 180 nations and territoriesand export turnover reaching 12.18 billion USD in the first half of2015, a yearly increase of 10.26 percent.

Thestatistics were released at an international workshop held in Hanoifrom June 25-27 by the Vietnam Cotton and Spinning Association (VCOSA)and the China Chamber of Commerce for Import & Export of Textiles(CCCT).

Currently, the garment-textile sector is oneof Vietnam’s economic spearheads with over 4,000 active businessesgenerating jobs for around 4.5 million workers.

Inthe near future, the sector is expected to benefit from free tradeagreements (FTA) such as the Trans-Pacific Partnership (TPP) and tradepacts between Vietnam and the EU as well as Vietnam and theRepublic of Korea, which offer tariff reductions.

Nine years after joining the World Trade Organisation (WTO), Vietnam’s garment-textile sector has increased its market shares in the US to10 percent from 3 percent, second only after China.

Last year, the garment export turnover recorded an impressive growthof 17 percent in Europe, 12.5 percent in the US, 9 percent in Japanand 27 percent in the Republic of Korea.

This year, the sector aims to fetch 28.5 billion USD in revenue.

Vice Chairman of the VCOSA Nguyen Van Tuan said the apparel productionscale in Asia will expand 2.4 percent by 2030, accounting for over 60percent of global outputs.

He added that the TTP and FTAs will turn Vietnam into a primary destination for the global supply chain.

President of the US Fashion Industry Association Julia K. Hughes saidmany US companies hope to seek supply sources from nations joining theTPP agreement once it takes effect and Vietnam is ranked highest interms of the ability to draw new businesses.-VNA
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