Vietnam is a big name among the apparel manufacturing countries and the country has seen fast and sustainable growth over the past years, playing an important role in national socio-economic development. Considering last few years Vietnam has developed more than any other apparel manufacturing country.
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| Vietnamese garments factory |
According to the Ministry of Industry and Trade (MoIT) of Vietnam Government, in the month of January and February garments exports gained an 18 percent year-on-year increase to 3.4 billion US$. Now they are looking forward to achieve this year’s export target which is 28 to 28.4 billion US$. As a result of rapid development export value of textile and garment products in recent years has been ranking number two in the country’s total export revenue, earning a major source of foreign exchange and contributing significantly to Vietnam’s gross national product and budget.
As there is an agreement between EU and Vietnam called EU-Viet Nam Free Trade Agreement (EVFTA), Vietnam has become one of the main apparel and textile sourcing country of EU. But considering the country’s market share USA is the largest export market for the Vietnamese garments and textiles industry, USA is grabbing 8.4 percent of the country’s market share. It was followed by Japan and South Korea. Vietnam is expecting an amount of 11 billion US$ export to the US market which is 13 percent more than the previous year. To extend market share in USA, Trans-Pacific Partnership (TPP) would be signed soon. This partnership will create more scopes for Vietnam to enlarge their business and a tax cut of 12 to zero per cent on Vietnamese garments would help Vietnamese companies step up their competitiveness.
The textile industry was the only sector in the country to maintain its overall growth and export earnings compared to the previous year. The Vietnam Textile and Garment Association (VITAS) is planning and making strategies for the development of Vietnam textile and garment Industry through the year of 2015 to 2020.
Reported by-
Md. Tanvirul Haque Bhuiyan
Reporter of Textile Tribune
Dept. of Apparel Manufacturing, NITER.
Email : mukutex@gmail.com
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