Vietnam Apparel Exports to Hit US$7.8Bln in 2007

Vietnam’s textile and garment sector is expected to ship US$7.8 billion this year, an on-year rise of 31 per cent, surpassing the set target by US$300 million, the Ministry of Trade and Industry (MoIT) said at a conference in Hanoi November 29.

 

The goal is reachable because in the first eleven months of this year, the sector reached US$7.05 billion, an increase of 32 per cent on-year, said chairman of Vietnam Textile and Apparel Association (Vitas) Le Quoc An.

The industry has also set an ambitious target to export US$9.5 billion in 2008, rising by 22 per cent against 2007.

 

However, it was no easy feat for the industry to hit this figure, An said, adding that it had to face numerous obstacles such as a monitoring program imposed on Vietnamese garments by the U.S. and a price hike of raw materials and accessories in the global market.

Phan Thi Dieu Ha, deputy director of the ministry’s Import-Export Department said America is Vietnam’s biggest clothing importer with an estimated value at US$4.4-4.5 billion this year, accounting for 56 per cent of the industry’s total export revenues. The U.S. is followed by the EU with US$1.5 billion and Japan with US$700 million.

 

According to Vitas, Vietnam’s rivals in the garment manufacturing industry China, India, Cambodia and Bangladesh have devised ambitious plans to double their garment export turnover by 2010. China, for example, plans to reach US$250 billion. (Investment, VNA)