THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Garment sector expected to earn over US$17 billion
VGP – The export value of garments is expected to surge to US$17-17.5 billion this year, according to Dang Phuong Dung, Vice Chairwoman and General Secretary of the Viet Nam Textile and Garment Apparel Association (Vitas).
Garment exports reached US$12.6 billion in the first nine months of 2012, up 7.4% against the same period last year, making it the country’s top export staple.
Dung said the sector has maintained garment exports to key markets despite global economic downturn, citing the 11% increase into the US market as an example.
However, she noted that the growth of Viet Nam’s garments is heavily dependent on global economic recovery.
In 2013, Viet Nam targets to achieve 7% growth of garment exports compared to 2012 but more measures needed. The sector has to consolidate the traditional markets while expanding exports to new ones, improve productivity, and establish a value chain to reduce dependence on foreign materials.
By Hai Minh