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Textile and garment export likely to increase in 2017 despite challenges PDF Print
Monday, 15 May 2017 09:44

VIETRADE – The domestic textile and garment industry might have a chance to archive its export target set for this year despite numerous challenges it has encountered in exporting to several key markets such as the US and the EU, experts have said.


They took the industry’s positive export revenue in the 1st quarter as a good example to back up their prediction. From January to March, the sector earned US$6.84 billion from exports, 11.2% higher than same period last year.


This year, the sector aimed to 7% growth over 2016, with total export earnings of over US$30 billion.


Le Tien Truong, General Director of Vietnam National Textile and Garment Group, said bilateral and multilateral trade agreements that Vietnam inked with countries and blocs such as such as the Vietnam-EU Free Trade Agreement (FTA) and the Vietnam-Republic of Korea FTA would bring more opportunities in exporting textile and garment products to Vietnamese enterprises, especially small and medium-sized ones.


However, in order to fulfill the reviewed goal, Truong called on strong performance of enterprises in production and business, and of the state in management by supporting the industry’s development, as well as development of infrastructure in the nation.


Furthermore, the enterprises should improve productivity, reduce time needed to deliver cargo and strengthen distribution systems to international markets, Truong said.


According to the Vietnam Textile and Apparel Association (Vitas), Vietnamese garment and textile products have been exported to 40 countries and territories world-wide. The US is the largest export market of Vietnamese garment products with export value of textiles and garments into the market increasing by 12%-13% each year in recent years.


The EU, Japan, the Republic of Korea and the EU are also major export outlets of Vietnamese garment goods.


Beside to these traditional outlets, there remained untapped opportunities for Vietnamese garment products at others such as Russia, according to the association.


With demand to import more than US$10 billion worth of apparel products each year, Russia emerged as a lucrative market for Vietnamese garment-textile businesses, it said, adding that Vietnamese businesses have received many jacket and jeans orders from Russian companies over past years.


Vietnam exported about US$320 million worth of apparel each year to Russia, making up roughly 2% of the country’s total exports. The figure was expected to exceed US$1 billion, accounting for 10% of total exports, in the next few years, Vitas said.


The association chairman Vu Duc Giang advised businesses to study the market thoroughly before exporting to Russia as well as to make regular contact with partners for long-term cooperation in order to effectively tap into this promising market.

Enterprises should have business strategies to cope with fierce competition on quality and price in the market, he said, emphasizing the importance of creating high-quality products, improve designs, and build brand names./.

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