Major member economies of the Asia-Pacific Economic Cooperation (APEC) forum, including the US, Japan, the Republic of Korea (RoK) and China, could make up 74-75% of Vietnam’s total garment-textile export turnover in the coming time.
Director General of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong said this year, the apparel sector continues to maintain good growth in the four APEC markets and the European Union (EU).
Vietnam’s apparel export to the US has increased by about 6.5% so far and is expected to reach approximately US$13 billion this year, accounting for 13-13.5% of the market shares.
Truong said before 2016, Vietnam had only US$4 billion markets, namely the US, Japan, the EU and the RoK; however, this year China has become a key market of Vietnam.
He noted that Vietnam’s garment-textile exports to China increased 30% to hit US$670 million in the first eight months of 2017.
Countries from the Eurasian Economic Union (EAEU), including Russia – an APEC member – recorded growth of 90%. Export to Russia is likely to surpass US$200 million in 2017, making the country one of the top 10 garment-textile markets of Vietnam.
Pham Xuan Hong, President of Ho Chi Minh City’s Association of Garment, Textile, Embroidery and Knitting, said Russia is expected to be US$1 billion market for the apparel sector in the next 4-5 years.
He suggested businesses developing markets in the Association of Southeast Asian Nations (ASEAN), the Eurasian Economic Union (EAEU), and India.
Chairman of the Vietnam Textile & Apparel Association Vu Duc Giang said the expansion of markets should go with the development of technology and brand names to create more competitive products in the global arena.
According to the Vietnam Textile & Apparel Association (VITAS), the garment-textile exports earned US$23 billion in the first nine months of 2017.
The sector targets US$30.5 billion in revenue in 2017, much higher than that of the previous year (US$28.1 billion).