Garment exports surge by 18 percent

14:19 | 18/03/2015 Trade

Garment exports in January and February posted an 18 percent year-on-year increase to 3.4 billion USD, the Ministry of Industry and Trade (MoIT) said.

Garment exports surge by 18 percent

A garment workshop (Photo: VNA)

The surge has made the achievement of this year's export target of 28 USD to 28.4 billion a strong possibility.

The United States remained the largest export market for the Vietnamese garments and textiles industry, accounting for 8.4 percent of the country's market share. It was followed by Japan and the Republic of Korea.

This year's exports to the US market are forecast to reach 11 billion USD, representing a 13 percent jump from the previous year.

Meanwhile, the European Union (EU) continued to be a key market for Vietnamese garments and textiles, considering that the EU-Vietnam Free Trade Agreement (EVFTA) would come into effect in the future.

Accordingly, a tax cut of 12 percent to zero percent on Vietnamese garments will help Vietnamese companies step up their competitiveness.

As for the US market, it is expected that the Trans-Pacific Partnership (TPP) will be signed soon, resulting in lower taxes, as well as create favourable conditions for businesses to expand market share in the country.

This year is being considered as favourable for export activities in the sector as negotiations on several trade pacts could conclude.

Earlier this year, most enterprises under the Vietnam National Textile and Garment Group (Vinatex) had received orders till the second quarter of the year.

Source VNA