To achieve this target, the industry needs breakthrough projects, the Deputy Minister stressed.

He predicted a future increase in the prices of textile and garment products as an advantage for the industry to achieve the target.

The Vietnam Textile and Garment Group (Vinatex) forecasts a breakthrough in Vietnam’s exports to Japan as the two countries will sign a bilateral trade agreement in late September that will take effect in 2009.

Under the agreement, Japan will reduce its import tariff from 10 percent at present to zero percent for Vietnamese textiles and garments using materials of Vietnamese or ASEAN origin.

The good news is that the US Department of Commerce (DOC) has confirmed no proof of Vietnam’s apparel dumping after its two investigations in October 2007 and June 2008.

The Ministry of Industry and Trade, however, has warned businesses to keep a close watch on their exports to the US market, advising them to diversify outlet markets while maintaining traditional ones.

According to experts, the industry’s target of US$9.5 billion in export value for this year is within reach.

The figure for the first eight months of the year is estimated at US$6.04 billion, up 20 percent year on year, placing textiles and garments second among Vietnam’s export staples after crude oil.

During the period, the sector saw a rise in export turnover in almost all of its major markets, particularly the Republic of Korea, Turkey, Ukraine, Brazil and Argentina.

The US market, despite a slight decrease, was still the biggest importer, contributing 57 percent to Vietnam’s export value, followed by the EU with 18 percent and Japan with 9 percent.

According to the Ministry of Industry and Trade, Vietnamese exporters have received more orders than expected thanks to the timely delivery and good quality of their products.