In the first two months of 2009, Vietnam's textile and garment exports turnover fetched US $1.15 billion, a fall of 12 percent, in comparison with same period last year largely due to a sharp plunge in its key markets of US and EU.
To offset the reduction in these two key markets, the Vietnam Textile and Garment Association (Vitas) and local companies have been seeking new markets, besides Japan, with which it has recently signed a Free Trade Agreement (FTA).
The new markets that they are targeting are Eastern European countries, Middle East and especially Russia which has a huge potential and also whose full potential remains un-explored till date by the Vietnamese textile and clothing sector.
In 2008, the exports turnover of Vietnamese textile and garment products to Russia reached around $700 million and is estimated to climb to more than $1 billion in 2009, if targeted properly by the Vietnamese industry.
Fibre2fashion News Desk - Vietnam
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