VIETNAM: Textile and garment exports soar 38% in 2011
Vietnam's textile and garment exports jumped 38% year-on-year in 2011 to reach a record US$15.6bn, according to the Ministry of Industry and Trade.
The biggest gain in export turnover was seen in fibres, which rose 26% over 2010 to $1.8bn.
During the year there was no change in major export markets, with the US remaining the biggest client, worth US$7.1bn, a rise of 13% over the previous year. This was followed by the EU (up 25% to US$2.4bn) and Japan (up 43% to US$1.65bn). Growth was also seen to Korea, where Vietnamese exporters have benefited from the Asean - Korea Free Trade Agreement (AKFTA).
According to Mr Le Tien Truong, deputy director general of the Vietnam National Textile and Garment Group (Vinatex), the impressive industry export growth is largely due to the flexibility of local manufacturers during times of economic uncertainty, and the fact that enterprises have taken advantage of free trade agreements with the key markets.
During the year, the industry spent around US$6.8bn on importing fabric for local production, a year-on-year rise of 26.1%.
- Improved supplier capabilities benefit Next
- Next H1: What the analysts say
- China and Vietnam lead US apparel imports in July
- THE FLANARANT: Understand win-win or lose out
- Abercrombie & Fitch to lose logos in fashion focus
- Hanesbrands axes Costa Rican jobs in Vietnam move
- Brandix selects first "game-changing" innovations
- VF taps Nike exec to lead innovation centres
- Apparel fuels global manufacturing downturn
- Bagir to invest in Ethiopia as H1 loss deepens
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details