|Workers of Gia Dinh Textile and Garment Corporation make clothes for export. The nation's textile and garment industry will potentially fulfill the export turnover goal of US$19.5 billion this year. — VNA/VNS Photo Thanh Vu
HA NOI (VNS)— 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 Viet Nam National Textile and Garment Group (Vinatex).
Viet Nam's total export turnover for textiles and garments in the first half of this year surpassed $8.9 billion, a 14.5 per cent increase year-on-year, the Viet Nam Textile and Apparel Association (VITAS) reported.
The South Korean market saw the highest growth of 32 per cent, with export turnover topping $660 million and accounting for 7.5 per cent of the sector's total shipments, the association said.
The US and EU are currently Viet Nam's largest markets for textiles and garments, with revenue of $3.94 billion and $1.29 billion respectively, followed by Japan at $1.1 billion.
Exports to the EU currently account for nearly 15 per cent of the total volume, and the industry aims to boost exports to Japan to a similar level.
The South Korean market was expected to become the fourth largest for the country's textiles and garments, with a total export turnover of more than $1 billion by 2014, VITAS added.
The industry's profits in H1 accounted for 53 per cent of the annual plan.
The domestic market posted modest growth of only 9.5 per cent, the lowest in the last three years.
Vinatex itself enjoyed slightly better growth of 11 per cent, according to Truong.
The unsold inventory stock dropped slightly by 2 per cent compared to the same period last year, with products remaining in the store for less than one year accounting for 82 per cent 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. — VNS