The exports of garments and textiles from the Southeast Asian nation of Vietnam surged 44.9 percent year-on-year in February 2014 to reach US$ 1.3 billion, the Ministry of Industry and Trade has reported.
In the first two months of the current year, Vietnamese garment and textile exports earned $3.2 billion, showing a year-on-year growth of 30.1 percent.
According to the Ministry, several clothing companies have signed export contracts to last them until third quarter of this year.
Vietnamese firms are expecting to bag more export orders this year due to economic recovery in developed countries and prospects of the signing of the trans-pacific partnership (TPP) agreement by June this year.
Last year, Vietnam’s garment and fabric exports rose by 18.9 percent year-on-year to $17.946 billion. The country also exported fibre worth $2.1 billion during the year, registering a growth of 15.7 percent year-on-year.
This year, many companies are investing in Vietnamese textile and clothing sector. For example, the Vietnam Textile and Garment Group (Vinatex) has started construction of Kien Giang Garment Factory, to be completed in two phases, which would create 2,225 new employment opportunities. The project is in accordance with Viantex’s objective to achieve $5 billion export turnover in 2016.
In 2014, Vinatex has plans to invest in 57 projects, including 2 on farm cotton, 15 yarn, 8 weaving and 24 garment projects. Of these, weaving and dyeing projects require a large amount of capital, and hence, Vinatex has sought more funds from the Government.