Vietnamese textile and garment export increase by only 4.7 pc

YarnsandFibers News Bureau 2016-08-29 15:30:00 – Saigon

Vietnamese textile and garment export has just managed to touch US$13.15 billion, an increase of 4.7 percent. The figure is much lower compared to the same period previous year. The three major markets of Vietnam include the US, Japan and South Korea, according to the Ministry of Industry and Trade report.

The US topped US$6.52 billion, up 3.48 percent compared to the same period last year and accounting for 49.6 percent of the country’s total textile export turnover. The second biggest market is Japan with nearly US$1.55 billion, up 4.4 percent and the third biggest market is South Korea with US$1.07 billion, a rise of 13.7 percent.

However, a representative from the Ministry said that US importers just expected to clear out inventories rather than laying new orders due to which domestic businesses are facing difficulties in finding new orders. Vietnamese textile and garment will face more difficulties because the world demand shrinks.

Vietnam expects to benefit from the Trans-Pacific Partnership (TPP) however its effects may cause difficulties because countries that are not TPP members have adopted many policies to increase its competitiveness capability. With these barriers, it will hardly be able to reach the export target of textile and garment forcasted by Economists of US$ 39 billion in 2017.

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