On the basis of garment products being exported to 180 countries and territories in the world, a Vietnam Textile and Apparel Association has claimed that country’s textile industry has been witnessing steady growth over recent years and pushing the country into one of the top textile exporters in the world. The textile and garment industry is one of the largest economic sectors in the country, consisting of 4,000 enterprises with a turnover of $20 billion a year.
The Vietnam Textile and Apparel Association says, Vietnam joined China, India, Turkey and Bangladesh in 2013 to become the world’s top five textile exporter with total textile and garment export value surpassing $22 billion. The export growth continued in 2014 with nearly 16 per cent increase reaching $24.5 billion. Now, Vietnam’s textile and garment industry is aiming at total exports of $28.5 billion in 2015.
Vietnam’s garment exports achieved impressive growth in major markets last year, registering a growth of 17 per cent in Europe, 12.5 per cent in the US, and 9 per cent in Japan. In value terms, Vietnam’s textile and garment sector is expected to double the size of production in next ten years.
The US is the largest market for Vietnam’s textile and garment exports so far, 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.