Vietnams apparel exports grew 17% in 2014

Vietnam's apparel exports grew 17% in 2014

Vietnam's textile and garment exports amounted to over US$24bn in 2014, an increase of 19% on the prior year, with apparel accounting for the lion's share.

According to figures from the Vietnam National Textile and Garment Group (Vinatex), apparel exports grew 17% to $21bn, while the remaining value was attributable to textile exports, which amounted to $3bn.

Vietnam's garment exports revealed good growth last year, Vinatex noted, with growth of 17% in Europe, 12.5% in the US, and 9% in Japan.

Specifically, while remaining number two in the US market, Vietnam rose to number two just behind China in the Japanese market, proving its garments are not only competitive but a big attraction for foreign customers, Vinatex said.

It pointed, however, to the constant threat of competition from the likes of China, Bangladesh, Cambodia and Myanmar, but noted that this is down from previous years.

Le Tien Truong, general manager of Vinatex said the growth is partly due to the efforts of the Government in negotiating free trade agreements, particularly agreements directly related to the major markets such as TPP (US and Japan), the FTA with the EU, South Korea, and the Customs Union of Belarus, Kazakhstan and Russia.

"These agreements are not effective but [a] very big attraction to partners when they decided to move orders from countries not participating in the agreement to Vietnam. This is one of the advantages and is a prerequisite for Vietnam textiles to continue growing strongly in 2015," Truong said.