According to the Vietnam Textile and Apparel Association, Vietnam’s textile and garment industry is aiming at total exports of US $ 28.5 billion in 2015. In value terms, Vietnam’s textile and garment sector is expected to double the size of production in next ten years. The industry has set a long-term export target in the range US $ 20-22 billion for 2020 and US $ 55 billion by 2030.
The export growth continued in 2014 with nearly 16 per cent increase reaching US $ 24.5 billion. In 2013, Vietnam joined China, India, Turkey and Bangladesh to become the world’s top 5 textile export countries with total textile and garment export value surpassing US $ 22 billion. Vietnam’s textile industry is one of the largest economic sectors in the country, consisting 4,000 enterprises with a turnover of US$ 20 billion a year. Vietnamese textile and garment products have been exported to 180 countries and territories in the world, according to the Vietnam Textile and Apparel Association. It has benefited from several free trade agreements, like the 12-nation Trans-Pacific Partnership (TPP) agreement etc.
Vietnam’s garment exports achieved impressive growth in major markets last year – registering a growth of 17 per cent in Europe, 12.5 per cent in the US, and 9 per cent in Japan.
