Textile and garment industry focus on key markets

January 24, 2013 | 10:04

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The US, Japan, the EU and the Republic of Korea will remain key export markets for Vietnam’s textile and garment industry in 2013, according to the Vietnam Textile and Apparel Association (VITAS).

The association believes the US will continue to be the national textile and garment industry’s largest market in the coming time. Japan is expected to surpass the EU to become the second biggest importer with a turnover of $2.37 billion, an 18 per cent increase from 2012.

VITAS forecasts a slight increase in global demand for textiles and garments, including a 3 percent increase in the US, 18 per cent in Japan and 5 percent in other markets.

Vietnam’s textile and garment industry has high expectations for the Trans-Pacific Partnership Free Trade Agreement (TPP) in 2013. Businesses are taxed highly in the US, affecting the competitiveness of Vietnamese goods. But when the TPP is signed, a number of import duties will be reduced.

To help businesses overcome difficulties in 2013, VITAS has submitted a proposal to the Government for more investment to improve the image of the nation and the industry, boosting closer cooperation between Vietnamese businesses and the country’s embassies abroad to carry out promotional activities.

The association has also proposed a mechanism for cooperation among businesses, VITAS and the Government.