Garment exports set new record

15:47 | 30/12/2014

VGP – Viet Nam can gain US$24.5 billion from exporting garment, the highest figure in the recent three years and bringing the trade surplus of the sector to US$12 billion this year.

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The US, Japan and the Republic of Korea are three largest importers of Viet Nam’s textile and apparel, accounting for nearly 70% of the total. The garment exports to these nations valued US$8.85 billion, US$2.38 billion and US$1.96 billion, respectively.

Large enterprises in the Viet Nam Textile and Apparel Association signed the export contracts till the first quarter of 2015.

Signed and pending free trade agreements (FTAs) are opening up a lot of good chances for the sector to grow further as import tariffs may drop to zero in many markets, said economists. 

Tax incentives to be brought by the Trans-Pacific Partnership (TPP) Agreement, expected to be signed next year, will also create favorable conditions for garment businesses to expand their presence in the US market.

By Thuy Dung