Vietnam’s textile and garments exports are likely to increase by 15-16 percent this year, valued at 24.5-25 billion USD, and exceeding the annual target by 0.5-1 billion USD, Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex), reported.

During the first three quarters of 2014, the sector generated nearly 18 billion USD in export revenue, a year-on-year increase of 19 percent, and imported 11 billion USD worth of materials.

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Vinatex alone enjoyed a 19 percent increase in its export earnings compared to the same period last year, accounting for 2.36 billion USD.

Truong said the sector’s exports to traditional markets increased significantly such as the US (up by 15 percent), the European Union (up by 19 percent), Japan (up by 14 percent), and the Republic of Korea (up by 32 percent).

Regarding import, India has now replaced China as the second largest cotton provider to Vietnam, he noted. Vietnam imported 550,000 tonnes of cotton worth 1.1 billion USD during the first nine months, including cotton worth more than 500 million USD from the US and 300 million USD from India.

Truong added that Vietnam is establishing itself as a global textile and garment powerhouse. In order to maintain its position, it needs to increase labour productivity and apply cutting-edge technology.

Source: VNA