According to statistics from the Industry and Trade Information Centre, under the Ministry of Industry and Trade, traditional markets for Vietnam’s textile and garment industry such as the US, the EU, Japan and the Republic of Korea posted high growth.
The US market ranked first in growth, with US$2.37 billion in revenue, an increase of 9.5% compared to the same period last year, followed by Japan with US$635.95 million, a year-on-year increase of 7.9%.
2015 is expected to open up more opportunities for Vietnam textile and garment exports as the negotiation process of a number of trade agreements may come to an end.
Although there are many opportunities for export growth, textile companies still face many difficulties and challenges.
The added value of Vietnam textile products remains low as domestic enterprises do mostly processing and outwork for foreign companies.
Currently, the textile sector depends largely on imported materials. Thus, more investment in the development of materials would help increase the localisation rate of the sector, increase the value of the products and reduce the trade deficit. The textile industry is expected to achieve a localisation rate of 60% by 2015 and 70% by 2020.
