Photo: sggp.com.vn

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.

The statistics were released at an international workshop held in Hanoi from 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 one of Vietnam’s economic spearheads with over 4,000 active businesses generating jobs for around 4.5 million workers.

In the near future, the sector is expected to benefit from free trade agreements (FTA) such as the Trans-Pacific Partnership (TPP) and trade pacts between Vietnam and the EU as well as Vietnam and the Republic 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 to 10 percent from 3 percent, second only after China.

Last year, the garment export turnover recorded an impressive growth of 17 percent in Europe, 12.5 percent in the US, 9 percent in Japan and 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 production scale in Asia will expand 2.4 percent by 2030, accounting for over 60 percent 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 said many US companies hope to seek supply sources from nations joining the TPP agreement once it takes effect and Vietnam is ranked highest in terms of the ability to draw new businesses.

Source: VNA