Garment exports to reach US$25bln in 2014

VGP – Viet Nam can earn US$24.5-25 billion from exporting apparels in 2014, up 15-16%.

October 06, 2014 4:04 PM GMT+7

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Over the past nine months of the year, the sector yielded US$17.2 billion from exports, a year-on-year increase of 19%.

It enjoyed a trade surplus of US$6.2 billion as the material import value topped US$11 billion.

Traditional importers of Viet Nam’s garment maintaining high growth rate included the US (up 15%), the EU (up 19%), Japan (up 14%) and the Republic of Korea (up 32%).

Viet Nam intends to expand the garment export markets for the aim of earning US$2.2 billion, US$800 million and US$300 million from China, Canada and Russia, respectively.

When the negotiations of Free Trade Agreements with the EU, the Republic of Korea and the Customs Union of Belarus, Kazakhstan, and Russia are completed, the garment exports to these markets are expected to reach US$12 billion.

By Thuy Dung