The textile and garment sector export turnover recorded a year-on-year increase of 30 percent to 6.16 billion USD in the first half of the year, despite significant impacts from world economic fluctuations, the Vietnam National Textile and Garment Group (Vinatex) said.
At an online press briefing held in Hanoi, the central coastal Da Nang city and Ho Chi Minh City on June 24, Vinatex General Director Tran Quang Nghi said this was the highest growth for the sector in the first months of the past four years, with export revenues to the European Union (EU) up by 40 percent, the US, around 20 percent and Japan, five percent.
The country’s garment and textile export revenues were likely to hit the target of 13 billion USD this year, he said.
To reach the target, Nghi suggested boosting production of materials to achieve 60 percent of the local production rate.
Experts predicted that the US would become a market with larger prospects for Vietnam’s garment and textile sector as the Trans-Pacific Partnership (TPP) talks were being negotiated. At present, Vietnam was the second-largest garment and textile exporter to the US but only made up 8 percent of total market share./.