The textile and garment industry has recently adjusted its exports target of earning around US $5.4 billion from the US market in 2008, after observing remarkable results in the past few months of the ongoing year.
American Chamber of Commerce (AmCham) in Vietnam recently forecasted that Vietnam will surpass Mexico and India to become the second largest textile and garment exporter to US in 2008, only after China.
According to Vu Duc Giang, General Director of VINATEX, the textile and garment industry of country witnessed negative growth rate. Although, the US's import of textile and garment decreased 5 percent, Vietnamese textile and garment exports to this market grew at 20 percent, showcasing an encouraging result.
In comparison to other exporting countries to US, Vietnam is currently enjoying advantages since its industry was built on three main factors including quality, consensus on labor relationship and environmental protection that enable Vietnam's products to get an easy access in markets like US, said Le Tien Truong, Deputy General Director of VINATEX.
The export value of Vietnam's textile and garment products has increased outstandingly over the years. In 2001, the export value was $49 million. In 2002, it increased remarkably by 1800 percent to be $886 million. The export value increased incessantly after that to be $2.37 billion, $2.56 billion, $2.72 billion, $3.23 billion and $4.38 billion in years 2003, 2004, 2005, 2006 and 2007, respectively.
In September 2008, Vietnam earned over $3.95 billion from exporting textile and garment products to the US, up 22.89 percent year-on-year. This export value helped the country to become fourth biggest exporter of textile and clothing products to the US market after China, Mexico and India, making up 5.42 percent of the US's total import volume.
At present, US is the largest consumer of Vietnam's textile and garment products with a volume of 58 percent and aims to continue keeping such position as well as growth because US's Department of Commerce has recently announced to end the investigation on Vietnamese garment products.
Fibre2fashion News Desk - Vietnam
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