Vietnam’s textile and garment sector should target an export turnover of US$11.5 billion in 2009 to surpass crude oil to take the lead, Deputy Minister of Industry and Trade Bui Xuan Khu said in a working session with the industry’s leaders August 26.
To reach the goal, the sector needs breakthrough projects, Khu said, predicting a future increase in prices of textile and garment products as an advantage for the industry to achieve the target.
The Vietnam Textile and Garment Group (Vinatex) forecasts a breakthrough in Vietnam’s export to Japan as the two countries will sign a bilateral trade agreement in late September that will take effect in 2009.
Under the agreement, Japan will reduce its import tariff from current 10 per cent to 0 per cent for Vietnamese textiles and garments using materials of Vietnamese or ASEAN origin.
In addition, the U.S. Department of Commerce (DOC) has confirmed no proof of Vietnam’s apparel dumping after its two investigations in October 2007 and June 2008 is also a good signal.
The Ministry of Industry and Trade, however, has warned businesses to keep a close watch on their exports to the U.S. market, advising them to diversify outlet markets while maintaining traditional ones.
The target of US$9.5 billion of export value for this year is reachable, analysts said.
In Jan-Aug, Vietnam shipped US$6.04 billion of apparel, up 20 per cent on-year, keeping textiles’ and garments’ second position among Vietnam’s export staples after crude oil.
During the period, the sector sees a rise in export turnover in almost all of its major markets, particularly the Republic of Korea, Turkey, Ukraine, Brazil and Argentina.
The U.S. market, despite a slight decrease, was still the biggest importer, contributing 57 per cent to Vietnam’s export value, followed by the E.U. with 18 per cent and Japan with 9 per cent.
According to the Ministry of Industry and Trade, Vietnamese exporters received much more orders this year thanks to quality products and on-time delivery. (VNA)
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