Vietnam: +19% textile and apparel exports in 2014
Vietnam exported 20.5 billion euros ($ 24.5 billion) worth of exports of textile and apparel last year. The 19% increase was the largest in three years.
Apparel exports reached 17.8 billion euros (+17%), while textile exports were more stable at 2.7 billion euros. According to the Vietnam National Textile and Garment Group (Vinatex), the increase was mainly noticeable in terms of European orders (+17%), ahead of the US (+12.5%) and Japan (+9%).
It’s very positive news for Vietnam, as this is its largest export industry. The sector faces increasing competition from lower cost countries, such as Bangladesh, India and Indonesia. The country has been attempting to optimize the industry’s make-up for several years, including in terms of logistics and customs.
Vietnam is now looking towards the trans-pacific partnership agreement (TPP), hoping to find a wider opening to the US, with which it has strong ties.
Meanwhile, Vietnam is continuing negotiations begun in June 2012 for a free trade agreement with the European Union.
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