Vietnam’s export turnover from fibre, textiles and garments surpassed 20 billion USD in 2013, up 18 percent from 2012 and surpassing target by over one billion USD.

Such an outcome put the commodities at the top of Vietnam’s key exports.
The sector also maintained considerable growth in major markets such as the US, the EU, Japan, the Republic of Korea and ASEAN.

Last year, Vietnam’s exports of these goods to the US increased by 13 percent in the context that total textile and garment imports into the US only rose three percent. This market alone generated more than 8 billion USD for Vietnam’s textiles and garment sector, representing 45 percent of the sector’s export revenue in 2013.

Vice Chairman of the Vietnam Textile and Apparel Association (Vitas) Le Tien Truong said the outcomes showed that the sector had managed to overcome hardships thanks to the right steps to enhance competitiveness, look for niche markets while consolidating its share in key markets.

The growth in 2013 was attributable to investment in expansion made by businesses, thus boosting the sector’s production, he added.

For example, the Hue Textile Garment Joint Stock Company (Huegatex) last year spent 50 billion VND (2.4 million USD) on buying new machinery, creating new products and enhancing its factory’s productivity despite the unstable situation of the global market and growing input costs, according to Huegatex Deputy General Director Ho Van Dien.

Meanwhile, the Hanoi Textile Garment Join Stock Company put into operation a fabric factory worth 420 billion VND (20 million USD) in July 2013. The factory exported 100 tonnes of fibre, contributing to the firm’s 1.9 trillion VND (90.5 million USD) of turnover last year.

The Vitas leader said business outcomes in 2013 will drive enterprises to adjust their export structures to each market’s taste and speed up their production in 2014.

Source: VNA