Vietnam'S Clothing Exports Grew By 17.2%

Li Quanan Quoc An, President of the Vietnam textile and clothing association (Vitas), said that in the first 6 months of this fiscal year, Vietnam's clothing and textile industry earned $4 billion 800 million.

Vietnam's clothing and textile industry's revenue increased by 17.2% over the same period last year. In addition, he added optimistically that the clothing and textile industry exported only 800 million dollars in June alone.

Up to now, the garment industry is Vietnam's largest source of export revenue. In the first half of the fiscal year, export revenue was 1 billion 700 million US dollars higher than that of oil exports, and oil was Vietnam's second largest export product.

In the first two quarters of this year, Vietnam's trade with the United States increased by 15% compared with the same period last year, while trade with Japan increased by 10% over the same period last year.

The export business of clothing to the European market has also increased slightly.

According to VITAS's statistics, the market share of Vietnamese clothing in the world's net apparel trade is about 2.7%. In the United States and Japan, Vietnam's export market share is 7.4% and 4%, second only to China.

The annual export target is US $10 billion 500 million, the clothing department has finished 47%, and the remaining target will be completed soon.

In addition, during the rest of this year, the clothing industry is expected to continue to grow, and orders for many domestic garment exporters are increasing, probably by the end of the year.

Last year, prices soared by about 10%.

In order to gradually reduce dependence on imports, the clothing industry intends to increase the use ratio of domestic products.

In the first 5 months of this year, Vietnam has imported about 3 billion 700 million dollars for its clothing and footwear production sector, according to the General Administration of statistics.