Vietnam has been among the top ten garment and textile exporters in the world for the last 10 years. Last year, it ranked fifth after China, Turkey, Bangladesh and India. According to the Vietnam Textile and Apparel Association (Vitas) in the first nine months of this year alone, garment and textile exports totalled $20 billion, an increase of 10 percent over the same period last year.
As the garment and textile sector expects its exports will grow an average of 11.5 percent per year between now and 2020, the sector is expected to generate export revenue of US$27.5 billion this year, and increase this value to $31 billion next year and $45 billion to $50 billion by 2020.
Vu Duc Giang, who was voted chairman of the Vitas at a congress last week, said that global integration will facilitate Vietnamese garment and textile products over the next five years.
Many domestic enterprises have reported significant profitability and market expansion, with some officially recognised as national brand names such as Viet Tien, Phong Phu, Nha Be, Garment 10 and An Phuoc.
Further, following the Trans-Pacific Partnership (TPP), the tariffs for garment and textile products will reduce from 18 percent to zero percent and from an average 11 percent to zero percent following the Vienam-European Union Free Trade Agreement.
Giang said that when these pacts take effect, they will boost the development of the garment and textile industry in the long run. Further by accelerating investments in the sector it will enhance the value of local products in the global value chain.
Dau tu (Vietnam Investment Review) online cited data of the American Chamber of Commerce, forecasting that after taking into account the impact of the TPP, Vietnam's exports to the United States are likely to reach $51.4 billion, with garment and textile products alone touching $15.2 billion by 2020. The garment and textile exports to this market may hit $20 billion by 2025.
The country exports its products to 180 countries and territories, with the United States, the European Union, Japan and South Korea being major markets. It will also be exploiting emerging markets such as Russia and Australia.
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