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VNEconomyNews.com - Vietnam's garment and textile sector is very confident of fulfilling the export target of US$13 billion this year, according to an official from Vietnam Textile and Apparel Association (Vitas).
The annual target is within reach since in the first two months of this year, Vietnam's exports of the textile and garment industry gained more than $2 billion, with good signals from large markets such as the US, Japan, Europe, said Dang Phuong Dung, vice president cum general Secretary of Vitas.
Vietnam's garment and textile exports in the first two months of this year have risen very high over the same period, reflecting the sector's efforts in completing the targets in 2011, she added.
In particular, investors are moving away from investment in textile and dyeing to garment. Vietnam's garment sector is also looking to increase market share to other major markets.
In 2010, Vietnam exported $11.2 billion of textiles and garments. Particularly, textiles and garments exported to the US market reached more than $6 billion, up 22 percent compared to 2009.
Therefore, export market share of Vietnam's garment sector in the US market also increased from 4.6 percent to 5.1 percent. European markets remained difficult despite a growth rate of nearly 14 percent to $1.8 billion.
According to the Vetnam Textile and Apparel Association, in 2011 and a few years, Vietnam's garment and textiles are still having many opportunities to increase market share in Europe.
Vietnam is considered the 7th largest supplier of garments into this market.
Exports of garment and textiles to the Japanese market also rose 20 percent to $1.2 billion.
Source: vneconomynews.com