According to the Deputy Prime Minister, Hoang Trung Hai, the garment and the textile industry should aim to be among the leading three garments and textile exporters of the world, this year.
The Vietnam Garment and Textile Association (Vitas) has informed that the country's garments and textiles, at present, constitute 2.5 percent of the overall global market share. Owning to the growth in the global market share, the garment and textile industry intends to realize an annual turnover of over US $13 billion this year.
As per the association, the country will try to strengthen its hold over several major markets such as Japan, the US and the EU. According to the Deputy Director of Vietnam Garment and Textile Group (Vinatex) Le Tien Truong, Japan, the US and the EU constitute the three most significant markets for exporters.
In 2010, Vietnam occupied the second rank in exporting garments as well as textiles to the US and third rank in case of the EU and Japan. While the global garment and textile sector witnessed a decline in the export earnings by 12 to 15 percent, the export earnings of Vietnam from these three markets had registered an increase.
According to the estimation of Vitas, the garment and textile business in Vietnam will have several prospects to raise its market share in the European Union in 2011 as Eastern Europe and North Africa had failed in making any progress in this direction.
In 2010, the country's garment and textile exports to Japan have enhanced by 20 percent and it has earned $1.2 billion. It is for the first time that the export earnings of the country from the Japanese market had surpassed $1 billion.
The garment and textile sector witnessed a rapid hike in the major export products of the country to the Republic of Korea, under the ASEAN-RoK Free Trade Agreement (AKFTA).
Since the beginning of this year several garment and textile manufacturers have obtained new orders which will continue till the second quarter of 2011.
Vitas has, however, given the warning to the manufacturers that they should ink deals only for a quarter on the basis of their manufacturing plans to extend job opportunities for workers and to tackle the fluctuations in the market over a year.
According to the experts, the signing of contracts between the foreign companies and their Vietnamese counterparts indicate the growth in the confidence of the overseas firms over the products of Vietnam which not only fulfill the global standards but are also sold at affordable prices and are always delivered as per the given deadlines.
Fibre2fashion News Desk - India
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