Pacific Rim nations drive growth in Vietnam textiles

(VOV) - Vietnam’s clothing and textile exports to the 12 Pacific Rim countries currently negotiating the Trans Pacific Partnership (TPP) agreement have thrived in the five months leading up to June, spiking nearly 70% against last year’s corresponding period.

Statistics from the Vietnam Textile and Garment Association (VITAS) show that shipments to the 12 Pacific Rim nations accounted for 66.8% of the sector’s exports for the January-May period.

The sharpest growth was seen in the US market, which hit US$4.050 billion for the five-month period.

Economists at VITAS have forecast the sector will set a record for 2015, generating total revenues of US$27.5-28 billion for the year.

The 12 Pacific Rim nations include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.