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Vietnam Will Be The Next Textile And Garment Hotspot Read
Vietnam’s textile industry has been witnessing a steady growth over the recent years and pushing the country into one of the top textile exporters in the world. Now the textile and garment industry in Vietnam is one of the largest economic sectors in the country, consisting 4,000 enterprises with a turnover of US$20 billion a year, accounting for 15% of. Vietnamese textile and garment products have been exported to 180 countries and territories in the world, according to the Vietnam Textile and Apparel Association.
In 2013, Vietnam joined China, India, Turkey and Bangladesh to become the world’s top 5 textile export countries with total textile and garment export value surpassing $22 billion. The export growth continued in 2014 with nearly 16% increase reaching $24.5 billion. Now, Vietnam’s textile and garment industry is aiming at total exports of $28.5 billion in 2015, according to the Vietnam Textile and Apparel Association.
Benefited from several free trade agreements (FTAs), such as the 12-nation Trans-Pacific Partnership (TPP) agreement, ASEAN China Free Trade Area (ACFTA), FTAs with Australia and New Zealand, India, Japan and South Korea, and Trans Pacific Partnership (TPP), which aims to establish a free trade area for the Asia Pacific region. Vietnam’s garment exports achieved impressive growth in major markets last year – registering a growth of 17% in Europe, 12.5% in the US, and 9% in Japan.
In value terms, Vietnam’s textile and garment sector is expected to double the size of production in next ten years. While the industry has set a long term export target in the range US$20 billion-US$22 billion for 2020, and $55 billion by 2030. It aims to achieve this leap forward by concentration on a strategy of specialisation and modernisation and an increase in added value.
So far U.S. is the largest market for Vietnam’s textile and garment exports, and Vietnam is the second largest textile and garment exporter for the US market behind China. The EU is the second-largest importer of Vietnam’s textile and garment exports, and the Vietnam Textile and Garment Association (VITAS) is optimistic that a pending FTA with the European Union will be a boost for Vietnam’s industry. Other major importers include Japan, South Korea and Russia.