Ministry of Trade (MOT) anticipates that the textile and apparel exports turnover will earn around US $6.2-$6.5 billion each year till 2010, sustaining average year–on-year growth of 16.7 percent.
MOT is taking keen interest in expanding key potential markets of the US, the EU, Canada, Japan, Hong Kong, Korea and Australia.
Moreover, Vietnamese textile and apparel goods would be shipped to many smaller markets including Indonesia, Malaysia, Middle East, Africa, South Asia, Russia and old Eastern European countries that offer favorable conditions.
Although demand of the US market reaches almost $20 billion per year, Vietnam's goods account for modest percentage.
In 2005, market share of Vietnamese textile and apparel accounted only for three percent of entire imports turnover, with the targets to push the figure to atleast five percent (worth more than $1 billion).
Vietnam export turnover from the EU markets is around $3.2 billion, accounting for 7.5 percent market share in the bloc where average imports turnover of the goods is about 29 billion each year.
Fibre2fashion, News Desk - Vietnam
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