Garment exports may set new record

19:30 | 13/12/2014

VGP – Viet Nam gained US$19 billion from exporting garments over the past 11 months of the year, according to the Viet Nam Textile and Apparel Association (VITAS).

The nation’s garment exports maintained strong growth in large markets such as the US, the EU, Japan and the Republic of Korea.

Garment exports in 2014 may reach US$24.5 billion, up 19% compared to last year and this is the highest growth rate over the recent three years, revealed VITAS General Secretary Dang Phuong Dung.

Earlier, the Ministry of Industry and Trade approved a plan to raise the garment export turnover to US$24 billion by 2015.

The rapid growth of the garment sector can be attributed to a new wave of foreign investors coming to Viet Nam thanks to the country’s on-going engagement in a number of talks processes on free trade agreements, including the Trans-Pacific Partnership (TPP) and Viet Nam-EU FTA.

Vietnamese garment producers are now diversifying imported input materials to ensure their production./.

By Thuy Dung