Garment industry stands firm in global market
Vietnam’s garment and textile industry has so far posted a year-on-year rise of 16.4% in export value to reach US$10.21 billion.
The highest growth was seen in the Republic of Korea market with 30.1 percent, followed by the US and Europe, 14.5% and 11.3%, respectively, said Tran Viet, head of the market department of the Vietnam National Textile and Garment Group (Vinatex), at a press conference in Hanoi on June 16.
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Since the beginning of this year, the State-run group raked in US$1.62 billion from exports, posting a year-on-year increase of 15%.
The group is focusing on a number of sub-material projects to increase the production capacity and cater for the demands of Trans Pacific Partnership (TPP) Agreement.
It will launch its initial public offering (IPO) – the first sale of stock to the public, in Ho Chi Minh City on July 22.
In 2013, the garment and textile sector earned US$19.8 billion from shipment, up 16.9% year-on-year. Vinatex’s export revenue hit nearly US$3 billion, a 12% rise against 2012, while its domestic earnings reached VND22.5 trillion (US$1.05 billion), up 15%.
The same year, Vietnamese garments and textiles shipped to 11 TPP economies touched over US$11 billion, accounting for 22.7% of Vietnam’s total export volume to TPP.