Wednesday, 22 Aug 2018
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ECONOMYINDUSTRY

Textile & garment industry to target US$6.2-billion market

Updated at Wednesday, 09 May 2018, 10:51
The Hanoitimes - Vietnam`s textile & garment enterprises are stepping effort to infiltrate the Australian market, which has import turnover on textile & garment of over US$6.2 billion in 2017 alone.
Followed by other billion-dollar export markets such as the US, European Union, Japan, China, and Korea, Vietnam's textile & garment industry is considering Australia to be an important market for high export turnover, said representative of Vietnam Textile and Apparel Association (VITAS) at an workshop discussing opportunities for garment export to Australia in May 9.
 
Illustration photo.
Illustration photo.
According to VITAS, the effort makes sense in the context of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) coming into effect, in which Australia is one of its country members. 

Consequently, CPTPP signed on March 9 will facilitate economic growth and opening opportunities in a market of total 499 million people and GDP of US$10.1 trillion, accounting for 13.5% of world's GDP. 

In 2017, import turnover for garment products among CPTPP's country members stood at over US$53 billion, in which Australia accounted for US$6.2 billion, or 11.67% as the third largest garment product importer. 

Vietnam's garment products export turnover in 2017 to CPTPP's country members reached US$4.8 billion, contributing 9.07% of market share, implying huge potential left for Vietnam to push up with more garment export to CPTPP country members in general, and the Australian market in particular, stressed Le Tien Truong, Vice Chairman of VITAS at the event. 

Despite the undesired effect from the withdrawal of the US, CPTPP remains a large prospect for Vietnam's textile & garment industry, assessed Truong, especially non-traditional markets for Vietnam such as Australia and New Zealand. 

Vietnam's export turnover of textile and garment products soared by 13.4% year-on-year to US$7.62 billion in the first quarter, equal to 22.4% of the annual target, VITAS reported.

Export turnover of garment products alone from January to March posted at US$5.98 billion, up 12.49% compared to the first quarter of 2017. Besides traditional garment and textile products, goods with a high value-added such as fabrics, fiber, geo-textiles, and textile and garment accessories have also sustained high growth rate.
Nguyen Tung
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