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17 October 2009

Vietnam seen on track to meet $9.7bn garment export target

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Vietnam’s garment export turnover for the past 9 months reached nearly $6.7 billion, $800 million of which came in September, reported Industry watchers, said the news website, can now breathe a sigh of relief to see this year’s target of $9.7 billion from garment exports, a 3 percent increase is within reach.

New markets have played an important role in the success of Vietnam’s textile and garment sector, said Pham Gia Hung, Director of the Vietnam Textile and Apparel Association (VITAS).

While American and European markets saw a decrease of 4-5 percent, Asian markets like Japan, Taiwan, the Republic of Korea and Singapore experienced a significant surge, with the most contracts ever.

A trade agreement signed recently between Vietnam, Southeast Asian countries and Japan has helped Vietnamese businesses with legal procedures and capital and promoted a two-way trade balance.

Garment and textile exports to new markets earned $123 million, up 50 percent compared to July and 35 percent compared to last year.

Le Dong Trieu, General Director of Gia Dinh Textile and Garment Corporation, said his company’s exports are recovering, as the contracts to Japan have risen by 10 percent. Other businesses including Viet Tien, Sai Gon and Phong Phu have also successfully penetrated new markets.


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