Vietnam’s textiles and garment sector is expected to earn US$11 billion from exports by the end of 2010, an increase of US$500 million above its set target.  Total turnover for the first ten months was US$9.166 billion.

The announcement, which was made by Nguyen Son, Vice President of the Vietnam Textile & Apparel Association (VITAS) last week, comes as no surprise, as growth in the sector has remained high; most of the country’s main markets are said to have shown an increase of 5-20%, including the EU (up 7% in September and October), Japan (up 14.7%) and Russia (up 5%). The US continued to be the biggest market, with an approximate 50% percent share of Vietnam’s textile and garment exports by value.

Mr. Son told VOV News, that in addition many textile and garment businesses had received orders through to the end of the first quarter of 2011. He also said that in addition to this, the Republic of Korea-ASEAN Free Trade Area has meant that Vietnamese textile and garment exports to the Republic of Korea recorded impressive growth of over 80%.

Vietnam has set a goal of raising the value of textiles and garments exports to US$19 billion by 2015 and to US$25-27 billion by 2020.

Source: VVOV News