22/05/2017 14:12 GMT+7 Email Print Like 0

Garment exports enjoy strong growth

Hanoi, May 22 (VNA) - Vietnam earned 6.75 billion USD from garment and textile exports in the first quarter of 2017, up 12.4 percent against last year, according to the Vietnam Textile and Apparel Association (VITAS).

Exports to new markets grew strongly, with Russia up 115 percent, Singapore 38 percent, Cambodia 36 percent and Brazil and India 34 percent.

Traditional markets like the United States and the European Union saw more humble export growth at 6.3 – 6.4 percent.

The VITAS noted that traditional products grew by 13 – 17 percent while newer ones, including swimming suits, raincoats and scarves, increased by 18 – 41 percent.

New products and different ways to approach markets have resulted in higher and more stable growth, while helping the industry rely less on traditional partners, the VITAS said.

The association forecasted exports to increase by 10 percent in the second quarter of the year based on the recovery of main markets such as the US, the EU and Japan as well as the stability of the global economy and politics.

The industry aims of a 10 percent growth to reach 31-32 billion USD in export turnover in 2017.

To achieve the goal, businesses have been encouraged to invest in new equipment and enhance competitiveness with new technologies.