Vietnam Eyes World’s Top Five Garment Exporters
Vietnam is targeting to join the list of the world’s top five apparel exporters by 2015 or 2020, under a new strategy of the Ministry of Industry and Trade.
The textile and garment sector is aiming for an export turnover of US$12 billion in 2010, US$18 billion in 2015 and US$25 billion in 2020.
Vietnam is currently among the world’s top 10 apparel exporters, with export revenues of US$9.1 billion in 2008.
The ministry believes the ambitious targets are achievable if Vietnam can maintain the current production and export growth.
However, the Vietnam Textile and Apparel Association (Vitas) has forecast that exports will decline due to the U.S. financial crisis and worldwide recession.
The U.S. is the biggest market, accounting for 55 per cent of the market share, followed by the EU with 20 per cent and Japan with 10 per cent.
Vitas has forecast that exports this year could increase only 5 per cent to US$9.2 billion-US$9.5 billion.
Textile and garment is a major export sector of Vietnam after crude oil, accounting for 15 per cent of the total export revenues of Vietnam. (Saigon Times Weekly)
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