HANOI: Garment exports of Vietnam are likely to increase by 8 per cent to reach $29.5 billion to $30 billion in the year 2016, according to Hoang Ve Dung, deputy general director of Vietnam National Textile and Garment Group (Vinatex). At present, Vietnam is among the top five largest apparel exports in the world and its garment exports are forecast to earn around $28 billion in 2015.
The increase in Vietnam’s clothing exports is predicted on the basis of the country signing free trade agreements and a boost in domestic production, Ve Dung said at a recent media briefing, Vietnamese media reported. Vietnam’s garment exports to major markets have grown at a steady pace this year of 12.95 per cent to the US, 5.96 per cent to the EU, 7.95 per cent to Japan and 8.77 per cent to South Korea.
Vinatex members like Garment 10 Joint Stock Company, Phong Phu Textile and Garment Corporation, Viet Tien Garment Company and Hoa Tho Textile and Garment Joint Stock Corporation contributed to this increase in exports.
Speaking of Vinatex in particular, Tran Viet, head of Vinatex’s marketing department, said the company exported $3.5 billion worth of apparel in 2015, registering an increase of 10 per cent over the previous year despite a gloom in the global trade.
In 2015, Vinatex completed its equitisation plan and made new investments in several textile projects which is expected to increase the share of domestic content in finished products to 65 per cent by 2020, Viet said.
