Vietnam has seen an 18.7 percent increase in textile and garment exports for the first 10 months of the year, bringing in $14.8 billion in revenue, according to figures released by the Ministry of Industry and Trade (MOIT).
For the month of October, exports were up 13 percent year-on-year to $1.75 billion.
South Korea was one of the largest importers of Vietnamese products, posting growth rates of 68 percent, followed by the US who saw a 37 percent increase in exports over last year and Japan with 35 percent growth.
The latest Office of Textiles and Apparel (OTEXA) report released early this month showed Vietnam as the second largest importer to the US with $6.5 billion in apparel goods hitting the American market in the first nine months of 2013.
The country also posted the largest rise in apparel imports to the US in September and is steadily snatching US business from countries like Indonesia and Bangladesh which both posted import declines over last year this time, according to a recent U.S. Commerce Department report.
Vietnam’s total textile and garment exports are expected to reach $19 billion by the end of 2013, according to the MOIT report, and anticipation of a Trans-Pacific Partnership (TPP) trade deal could mean bigger boons for the country in 2014.
Le Tien Truong, deputy chairman of Vitas and permanent deputy general director of Vietnam National Textile And Garment Group (Vinatex) said he expects the market to experience the same average rate of growth as this year for 2014. In new growth markets like ASEAN, Korea, Canada and Australia, he added, exports could be even better in 2014.
Vinatex has plans in place to develop the Vietnamese textile and garment industry by 2020 as part of a national strategy by focusing on specialization and modernization to provide added value in goods produced.