Vietnam Textile and Apparel Association (VITAS') deputy chairman, Le Tien Truong, said that an improving global economy will be favourable for Vietnam, in general, and the local textile and garment industry, in particular, because the county will be able to boost its level of exports to the international markets.
Moreover, the global economic forecasts by the World Bank and the International Monetary Fund says that the world economy's outlook is expected to improve in 2014, as large economies, such as the US, the EU, Japan and South Korea, have seen recovery.
VITAS expects the export value of the textile and apparel industry to show strong growth this year. The exports of textile and apparel by value could rise 12 per cent in 2014 from the previous year.
To reach that target, the export industry will have to continue implementing its solution systems, which have ensured, thus far, that the industry has not remained backward. Hence, the industry focuses on quality, price, the speed of supplying products to the market and the ability to provide customer care services, which are likely to ensure the nation's exports retain their competitive edge.
Truong said that 2013 was a successful year for Vietnam's textile and garment industry as exports rose to US$20 billion. That represents a year-on-year increase of 18.6 per cent to $17.9 billion for textile and garment exports and a 15.7 per cent surge to $2.1 billion for fibre products.
The Vietnam Textile and Garment Group had reported a gain of 11.2 per cent from 2012's figure to $2.91 billion in 2013. Garment exports went up 13 per cent to the US and Japan each, while they expanded 30 per cent to $1.3 billion to South Korea.
The industry boasted a trade surplus of $5.12 billion last year, with imports of raw materials estimated at $14.88 billion. Local demand for textiles and apparel also increased 12 per cent.
The industry also has a strong potential to export products to the EU market. Every year, the EU spend around $250 billion to import the staple, while Vietnam's exports to the EU were estimated at about $2.4-$2.5 billion last year.
Vietnam share in the EU market being small, EU will continue being an important destination for Vietnam's textile and garment exports in the future. However, Vietnam exporter of garment and textile are paying increasing attention to two other large markets, India and the Middle East.
An accurate market forecast is important for the success of the industry as it provides a framework for enterprises to base their production and business plans.
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