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May 21, 2008

Garment exports to US forecast at $5.4bn

The US International Trade Committee (ITC) placed Vietnam among the 30 biggest exporters to the US market in 2007, said the Ministry of Industry and Trade.

Vietnam has been in the top five exporters of textile and garment to the US in the three consecutive years, with an export value of $4.29 billion per year.

According to the Ministry of Industry and Trade, Vietnam is expected to export $5.4 billion worth of textiles and garments to US market in 2008. This would place the country as the second largest garment exporter to the US, just behind China whose export value of the goods is $6.1 billion.

Despite challenges to Vietnam's exports including the US textile and garment supervision scheme, labour related difficulties and the lack of seaports and infrastructure, Vietnam maintained a stable export value growth rate of nearly 30 percent in 2007 over the same period last year, the highest growth rate of East Asian countries to export to the US.

The export growth statistics follow the US Department of Commerce announcement that Vietnam did not dump textiles and garments in the market.

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