The total export earnings of the textile and garment industry in Vietnam which by now stands at US $9.166 billion, is seen to reach $11 billion, by year end, thus exceeding its set target by $500 million. This was revealed by Nguyen Son, from the Vietnam Textile and Apparel Association (VITAS).
The growth of the sector has sustainably maintained high levels over the past few months, with a majority of the key markets depicting a rise of between 5 to 20 percent.
Exports to the EU markets grew by seven percent during September and October, Japan by 14.7 percent, whereas Russia registered a growth of five percent. But above all, US was still the largest market accounting for around 50 percent of the country's overall textile and garment export in value.
As stated by Nguyen Son, many of the textile and garment firms have booked orders which will run till end of March, next year. Further, textile and garment exports from Vietnam to Republic of Korea, has clocked a striking growth rate of 80 percent.
Also, with some of the Italian entrepreneurs looking forward to invest in Vietnam's weaving and dyeing industry, this is seen to advance Vietnamese businesses with an opportunity to grow their export markets in times to come.
Fibre2fashion News Desk - India
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