After decades of relying on imports for garment accessories, Vietnam has for the first time exported garment accessories in 2013, reports vov.vn.
Vietnam exported garment accessories worth US$ 700 million last year, according to the Vietnam Textile and Garment Group (Vinatex).
This shows that the domestic accessories industry is finally making its mark and enabling garment makers to stop relying on costly material purchases from other countries like Bangladesh, China and South Korea.
For example, the share of domestically made materials in products of Garment 10 Company has increased from 30-40 percent few years ago to about 60 percent at present.
Vietnam’s earnings from garment exports are likely to cross $20 billion very soon, especially once the Trans-Pacific Partnership (TPP) is successfully negotiated.
However, the availability of locally made materials is relatively modest and raising its share is important for Vietnam to take full advantage of the TPP.
The 12 countries negotiating the TPP agreement are the US, Canada, Mexico, Japan, Chile, Peru, Malaysia, Singapore, Brunei, Vietnam, Australia, and New Zealand. These countries spread across three continents account for about 40 percent of global GDP and about 30 percent of international trade.