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Vietnam Textile and Garment export can reach 24.5 billion USD

Mon, 15 Dec 2014. Last updated Thu, 25 Jun 2015 08:57

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Vietnam Textile and Garment export 2014 is more likely to reach 24.5 billion dollars, an increase of over 19% in comparison to the previous year. It have been said that this is the largest increase in three preceding years.

In the context of facing many difficulties and challenges from both export markets and import markets, with great determination and effort, Vietnam Textile and Garment export still continues strongly developing. This represents for the efforts of the sector in the strategic orientation of manufacturing and choosing niche markets to develop and increase the localization with an objective of enhancing the added value of Vietnam products.

 

The award ceremony of typical Vietnam garment enterprises

 

In the first 11 months of this year, production and business activities of Vietnam Garment and Textile were quite effective. Fabric production from natural fibers and synthetic fibers are estimated to reach the number of 299.2 square meters (an increase 15.8%) and 665.8 square meters (an increase of 5.6%) respectively. Besides, clothing production is estimated at 2.73 billion units, which increases 10.3%. The export of Vietnam Textile and Apparel continues significantly growing. By the end of November 2014, Vietnam Garment and Textile export is estimated at 19.18 billion dollars, an increase of USD $18.2. Textile fibers are estimated at USD $2.3 increasing 19.2%. With the orientation of not depending on a single source, Vietnam textile enterprises are seeking other sources in ASEAN regions and Indian market. In addition to the trade promotion from Vietnam and Indian Government, many Vietnam textile enterprises are currently cooperating with Indian businesses in fields of textile dyeing.

 

Fashion Show of Viettien textitles and garments

 

According to Vietnam Textile and Apparel Association, if calculating from the time when Vietnam-US Bilateral Trade was signed until now, the export turnover of Vietnam textiles and garments is over 50% involving the value of domestic raw materials and other value added. Therefore, in this year, with USD $24.5 export turnover, textiles and garments bring the trade surplus of USD $12. Along with that, bilateral and multilateral free trade agreements are also an appeal for orders from other countries.

Nonetheless, besides these achievements, Vietnam Textile and Garment is still facing many difficulties and challenges such as the requirements of origin. General Director of Vietnam Textile and Garment Group (VINATEX) Le Tien Truong said that VINATEX enterprises heavily invested in fields of raw materials. Until now, there were surpluses of fibers for exporting. The production of knitted fabrics also met 60% demand of domestic market. Currently, Vietnam is highly appreciated for its high competitiveness in the global textile supply chain, however, building its own brand is an essential factor. Thereby, Vietnam needs to continue making more efforts to reach higher levels in the value chain of the world’s textiles. 

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