Vietnam garment exports likely to touch $28bn in 2015

Hoang Ve Dung, Deputy General Director of the Vietnam National Textile and Garment Group (Vinatex) at a meeting with media on December 21 said that the Free trade agreements (FTAs) will give momentum to attract foreign direct investment enterprise to inject money in Vietnam while boosting domestic production.

Vietnam remains to be in top five of the world’s largest apparel exporters by raking in 28 billion USD from shipping garment products to foreign countries in 2015. The next year 2016 will witness positive signals in Vietnam’s key export markets, adding that garment exports are expected to surge 8 percent to between 29.5 billion and 30 billion US.

Vietnam’s garment exports to major markets have seen stellar growth, such as the US (12.95 percent), the Republic of Korea (8.77 percent), Japan (7.95 percent) and the EU (5.96 percent).

The increase has been contributed by Vinatex members, including the Phong Phu Textile and Garment Corporation, Hoa Tho Textile and Garment Joint Stock Corporation, Viet Tien Garment Company and Garment 10 Joint Stock Company.

Tran Viet, head of Vinatex’s marketing department, highlighted that garment exports sustained a growth rate of 10 percent, meeting the set target, despite global and national economic difficulties. Vinatex sold nearly 3.5 billion USD worth of products in foreign markets, a year-on-year increase of 10 percent.

According to Viet, during the year, the group completed its equitization plan and invested in numerous textile and fibre projects, which helps raise the proportion of locally-made content in finished products to 65 percent by 2020.

Vinatext has paid attention to human resources training in preparation to take opportunity when the FTAs come into effect.