Vietnam textile and garment sector having witnessed good growth in exports in 2014 up by nearly 16 percent reaching $24.5 billion is now aiming at total exports of US$ 28 billion to $28.5 billion in 2015.
The textile and garment sector is expected to benefit from several free trade agreements (FTAs) that are likely to take effect. Owing to advantages accruing from the FTAs, the textile industry could double the size of production in ten years. However, textile enterprises need to be well prepared for the same.
Besides the 12-nation Trans-Pacific Partnership (TPP) agreement, which includes the US and Japan, Vietnam has either signed or in the final stages of negotiations for FTA with the EU, South Korea, and the Customs Union of Belarus, Kazakhstan and Russia.
Last year, Vietnam’s garment exports showed good growth in major markets, registering a growth of 17 percent in Europe, 12.5 percent in the US, and 9 percent in Japan.
Besides remaining No. 2 in the US market, Vietnam rose to No. 2, just behind China, in the Japanese market in 2014.
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