Garment & Textile Export to Fetch US$1.37Bln in First Quarter

Vietnam is estimated to earn nearly US$1.37 billion from garment and textile export in the first quarter of this year, an on-year increase of 40 per cent, according to the Ministry of Trade. The ministry expects March’s figure to reach US$500 million.

 

Currently, nearly 600 garment and textile businesses are exporting products to the EU, an increase of more than 100 businesses compared to last year. Meanwhile, export turnover to the Canada market is also increasing.

 

To boost exports and effectively tap garment and textile quotas in the coming time, the Ministries of Trade and Industry have decided to allocate more than 60 per cent of 2006’s total quotas for "hot" categories under guarantee forms and the remaining 40 per cent will be in automatic form.

 

The country’s garment export turnover is expected to surpass US$5 billion this year, compared with US$4.84 billion last year. The figure is also expected to reach US$9-10 billion in 2010 and US$15 billion in 2015. 

 

Between now and 2010, the sector will seek around US$3 billion in capital from foreign investors, investment funds and partly from the stock market for development.

 

Vietnam, which was ranked 16th out of 153 garment exporters worldwide last year, is likely to become the 10th largest garment exporter in the world by 2010.