Apparel exports to US forecast to surge

If the Trans-Pacific Partnership (TPP) agreement is realised soon, Vietnam’s textile-garment exports to the US could hit around US$10 billion this year, with the number set to double by 2020.

Vietnam earned US$8.6 billion from shipping such products to the US market in 2013, a year-on-year increase of 14.2%, according to the Vietnam Textile and Apparel Association (VITAS). 

During the period, the sector’s export value (excluding US$600 million earned from apparel material) reached nearly US$20 billion, up around 17% against 2012, with yarn fibre and clothing shipments estimated at US$2.13 billion and US$17.89 billion respectively. 

Textile-garment exports currently account for over one third of the country’s total export to the US (valued at US$25 billion). 

The industry has increased its market share in the US, securing second place with about 9%. 

The EU and the RoK have been two other major export markets for the sector, with 17% of Vietnamese textile and garment exports to the EU and about 7% to the RoK. 

The Vietnam Garment and Textile Corporation (Vinatex), a leading player, has been pouring huge sum into developing the supply chain, aiming to utilise 70% of domestic materials for apparel production and export this year, said its Deputy General Director Le Tien Truong. 

The group needs around VND5 trillion (US$235 million) in loan to expand and reform technology to develop the local textile-garment industry when joining the TPP, he added.

VNA/VOV online