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Garment exports post remarkable growth
May '10
The exports of garment and textile sector stood at US $3 billion in the first four months of the current year, recording a 19 percent growth against the corresponding period the previous year. With such an earning, the garment and textiles sectors continue to dominate the market in export turnover, among other staples.

The export turnover of this sector is around 1.7 times higher than that of crude oil, which holds the second position among the largest foreign currency generating sectors, informed, Vietnam Textiles and Apparel Association (VITAS).

Garment exports to major markets such as US and the European Union (EU) have witnessed 20 percent and 6 percent surge, respectively, thereby improving the sector's export turnover during the first few months of the year, as per VITAS Chairman, Le Quoc An. He also said that, this is one of those sectors which showed early recovery from the global economic crisis.

Even during economic crisis i.e. in 2009, the sector had earned an export turnover of $9.1 billion maintaining its top position. This year, the export turnover of this sector is likely to reach to $10.5 billion as the industry entrepreneurs have scores of export orders and many of them have big orders, which is likely to last till the end of the year.

The garment manufacturers of the country are boosting up their trades to other ASEAN countries along with their regular markets, such as US and EU. Pertaining to this, the Viet Tien Garments Company has recently positioned offices in Cambodia and Laos and has plans of setting up one more in Myanmar.

With mounting competitiveness in the global market, Vietnamese apparels are receiving a number of orders from South Korea, Taiwan and Hong Kong.

Fibre2Fashion News Desk - India

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