The garment and textile sector aims to achieve export earnings of US$15 billion in 2012, despite a predicted 15 percent fall in orders from major markets compared to last year.
Chairman of the Vietnam Textile and Apparel Association (VITAS), Vu Duc Giang, said this year the US, EU and Japan will remain the sector’s major export markets, accounting for 80 percent of export revenues.
However, the sector will face numerous challenges due to difficulties in the national economy, the global economic downturn and the public debt crisis in the EU, he said.
Businesses should promoting trade in new and potential markets to cover the shortage of traditional orders, he said.
In 2011, the sector earned US$15.6 billion from exporting its products, up 38 percent against 2010, its highest growth in the past five years.
This was mainly attributed to the increase of orders from traditional markets including the US (14 percent), EU (41 percent) and Japan (52 percent). Moreover, a 12-percent price increase was an additional factor.
Exports to some emerging markets like the Republic of Korea (RoK), Taiwan and Canada also helped raise export earnings. Most notably, exports to the RoK in the first ten months of 2011 soared by 128 percent over 2010 to hit US$753 million. Source: VOV