Garment exports target comes near

The textiles and garments industry is approaching its US$19.5 billion export target for this year after receiving sufficient orders to meet the goal, according to Le Tien Truong, Vice Chairman of the Vietnam National Textile and Garment Group (Vinatex). 

The Republic of Korea market saw the highest growth of 32 percent, with export turnover topping US$660 million and accounting for 7.5 percent of the sector's total shipments, Vinatex said. 

The US and the EU are currently Vietnam's largest markets for textiles and garments, with revenue of US$3.94 billion and US$1.29 billion respectively, followed by Japan at US$1.1 billion. 

Exports to the EU currently account for nearly 15 percent of the total volume, and the industry aims to boost exports to Japan to a similar level. 

The Korean market was expected to become the fourth largest for the country's textiles and garments, with a total export turnover of more than US$1 billion by 2014, VITAS added. 

The industry's profits in H1 accounted for 53 percent of the annual plan. 

The domestic market posted modest growth of only 9.5 percent, the lowest in the last three years. 

Vinatex itself enjoyed slightly better growth of 11 percent, according to Truong. 

The unsold inventory stock dropped slightly by 2 percent compared to the same period last year, with products remaining in the store for less than one year accounting for 82 percent of the total. 

Truong said the industry was actively expanding in new markets such as Turkey, Africa and the Middle East, while maintaining growth in traditional markets like Russia, the EU, and Japan. 

Local textile and garment companies are anticipating the success of the Trans-Pacific Partnership negotiations, which should boost export turnover to several markets, especially the US, thanks to zero export duties.