As per the Chairman of Viet Nam Textile and Apparel Association (Vitas), Mr. Le Quoc An, the textile and garment industry of the country is likely to achieve its target of US$9.2 billion in export value this year, though it had witnessed a fall of 1 percent during the first nine months of the year, compared to the same period of 2008.
During these months, total export value of the industry touched $6.7 billion. It declined by 4 to 5 percent to the EU and US markets, however, increased to the Asian markets such as Japan, South Korea, Taiwan and Singapore, informed Mr An.
Country's export value to Japan swelled by 20 percent and reached $700 million, while to S. Korea it was $150 million recording a growth of 50 percent. Considering the export trends of the past few months, Mr An anticipates that the industry would achieve an export value of $830 million per month during the final quarter of this year.
The sector will be able to reach $9.2 billion in textile and garment exports for 2009, which means a one percent growth compared to last year. Besides that, the economic recovery in markets of the EU and US would also prove to be helpful, in receiving additional export orders, by the year end, predicted Mr. An.
Moreover, the industry would also be able to avail benefit from the Vietnam-Japan Economic Partnership Agreement that recently took effect to have better access to the Japanese market.
Vitas seeks reduced import taxes in Russian market, for which it has urged the government to communicate with Russia for a Free Trade Agreement as that country imposes 4 to 5 percent tax on imported textile and garment products. The association also expects that the negotiations for a Bilateral Free Trade Agreement, between Vietnam and Chile, to complete soon.
Fibre2fashion News Desk - India
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