Exports of garments and textiles from Vietnam have increased by 18.7 per cent year-on-year during the first 10 months of the current year. From January to October 2013, Vietnam’s apparel and textile exports to South Korea, Japan and the US recorded a strong growth. Canada, Brazil and Mexico were also among the countries that imported more clothing and textiles from Vietnam during this period.
China is the largest supplier of raw materials to Vietnam. In October 2013, Vietnam’s clothing and textiles exports grew by 30 per cent year-on-year.
Vietnamese garment businesses depend heavily on import of raw materials, as domestic cotton meets only 1 to 2 per cent of demand. Similarly, local fabric production is able to meet only about 12 to 13 per cent of the garment sector’s demand.
Vietnamese garment companies are anticipating a boost in their exports, especially to the US, once the Trans-Pacific Partnership (TPP) is successfully negotiated and implemented. The 12 countries negotiating the TPP are: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam.
