In August alone, the industry's exports were estimated at US$2.9 billion, up 1% over the previous month, raising the total export value in eight months to US$19.21 billion.
According to a report by VISecurities, the Vietnamese garment and textile industry has seen strong growth since 2002, with an annual growth rate of 20%.
Due to the economic recession in 2008, the industry's exports slowed down for a year before recovering and maintaining a steady annual growth rate of 15-20%.
The report stated that Vietnam's participation in free trade agreements and the large investments in the industry by FDI and domestic firms have helped to increase the localisation rate of the industry, leading it to become one of the industries with strongest increases in export values over the years.
The four markets of Japan, China, the US and the Republic of Korea account for 75% of total exports of garments and textiles which post an annual growth rate of more than 20%. The US remains the largest importer of Vietnamese garments and textiles, occupying nearly 40% of the total industry's export value.
According to the Vietnam Textile and Apparel Association (VITAS), the industry's exports are forecast to reach US$34-35 billion this year.