Photo for illustration (Source: baoquocte.vn)
General Director of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong said this year, the apparel sector continues to maintain good growth in the four APEC markets and the European Union (EU).
Vietnam’s apparel export to the US has increased by about 6.5% so far and is expected to reach approximately USD13 billion this year, accounting for 13-13.5% of the market shares.
Truong said before 2016, Vietnam had only USD4 billion markets, namely the US, Japan, the EU and the RoK; however, this year China has become a key market of Vietnam.
He noted that Vietnam’s garment-textile exports to China increased 30% to hit USD670 million in the first eight months of 2017.
Countries from the Eurasian Economic Union (EAEU), including Russia - recorded growth of 90%. Export to Russia is likely to surpass USD200 million in 2017, making the country one of the top 10 garment-textile markets of Vietnam.
Pham Xuan Hong, President of Ho Chi Minh City Association of Garment, Textile, Embroidery and Knitting, said Russia is expected to be USD1 billion market for the apparel sector in the next 4-5 years.
He suggested businesses developing markets in the Association of Southeast Asian Nations (ASEAN), EAEU and India.
Chairman of the Vietnam Textile & Apparel Association (VITAS) Vu Duc Giang said the expansion of markets should go with the development of technology and brand names to create more competitive products in the global arena.
According to VITAS, the garment-textile exports earned USD23 billion in the first nine months of 2017.
The sector targets USD30.5 billion in revenue in 2017, much higher than that of the previous year (USD28.1 billion)./.