Vietnam's Textile & Garment Exports to Surpass US$10Bln in 2010

Vietnam is expected to fetch over US$10 billion from textile and garment exports in 2010, doubling the estimated figure for this year.

 

In the first seven months of 2006, the textile and garment sector obtained total export earnings of US$3.36 billion, an on-year rise of 32.1 per cent. The sharp increase, along with contracts and orders being implemented, will surely help the industry reach its export target of at least US$5.3 billion this year.

 

Since early this year, outbound textile and garment shipments bring in an average $460 million a day, compared with the initial target of $442 million a day.

 

Textiles and garments are considered the country’s key export items. They have gained a firm foothold in large markets like the US, the European Union (EU) and Japan, and are strongly directing at South Korea, Russia, Canada and many other markets.

 

Vietnam’s WTO entry, expected before the end of this year, will also open more opportunities for local apparel enterprises who can access to new capital sources, modern technologies and advanced management, especially from developed countries such as the US, the EU and Japan.

 

However, the competitiveness of Vietnamese textiles and garments in the world market are still weak in comparison with products from countries like India, China, Bangladesh and Indonesia. In addition, the shortage of skilled workers is also causing difficulties for local apparel enterprises.
Vietnam & World Economy