Vietnam Apparel Exports Post US$5.1Bln in Jan-August

Vietnam is estimated to export US$5.1 billion of garment and textile products in the first eight months of this year, up 30 per cent on-year, said the General Statistics Office (GSO).

 

Exports to US market continued to contribute biggest proportion of US$2 billion, up 20 per cent despite worries of the monitoring mechanism, it noted.

 

Thanks to optimistic results of the US Department of Commerce, many Vietnamese apparel firms such as Thang Long, Hung Yen and Hiep Hung have recently signed production contracts for the forth quarter of this year and the first quarter of 2008.

 

Local garment and textile firms should clarify production and export operation to the US market in order to avoid the anti-dumping tax while expand to non-US markets like EU and Japan, urged Le Quoc An, Chairman of the Vietnam Textile and Apparel Association.

 

The Southeast Asian country plans to invest US$1.7 billion in apparel from now to 2014, producing 1.5 billion meters of shuttled cloth.

 

Vietnam apparel sector is much expected to earn US$7.5 billion in 2007, up 25 per cent over last year. The country targets apparel exports of US$10 billion by 2010 and US$20-22 billion by 2020, to rank among the world’s top ten garment and textile exporters. (GSO Aug Edition)