Garment exports sure to garner 11 billion USD

The Vietnam Textile and Apparel Association (Vitas) has predicted that the country’s garment export value would reach 11 billion USD in 2010, exceeding the planned target by 500 million USD. An export value of 9.16 billion USD in the first ten months of this year, together with many signed orders valid until the first quarter of 2011, led to the positive prediction. At a meeting hosted by the Ministry of Industry and Trade on Oct. 26, Vitas vice president Nguyen Son said in the 10-month period, export value to such major markets as Japan increased 14.7 percent and Russia , over 5 percent. Notably, exports to the EU market recovered, up 7 percent after several months of slowdown due to the debt crisis in Greece . The US remained Vietnam ’s biggest market. In October, garment exports to the US accounted for 55 percent of the sector’s export value. In the meantime, Italian garment enterprises are expected to invest in garment and dyeing in Vietnam , offering chances for Vietnamese businesses to expand export markets in the future, Son said. Targeting a garment export value of over 19 billion USD by 2015 and 25-27 billion USD by 2020, Vitas is implementing many programmes, including producing 1 billion metres of cloth for export, expanding areas for cotton plantations and developing human resources to meet the sector’s demand./.