Vietnam’s textile and garments exports are likely to increase by 15-16percent this year, valued at 24.5-25 billion USD, and exceeding theannual target by 0.5-1 billion USD, Le Tien Truong, General Director ofthe Vietnam National Textile and Garment Group (Vinatex), reported.

Duringthe first three quarters of 2014, the sector generated nearly 18billion USD in export revenue, a year-on-year increase of 19 percent,and imported 11 billion USD worth of materials.

Vinatex aloneenjoyed a 19 percent increase in its export earnings compared to thesame period last year, accounting for 2.36 billion USD.

Truongsaid the sector’s exports to traditional markets increased significantlysuch as the US (up by 15 percent), the European Union (up by 19percent), Japan (up by 14 percent), and the Republic of Korea (up by 32percent).

Regarding import, India has now replaced China as thesecond largest cotton provider to Vietnam, he noted. Vietnam imported550,000 tonnes of cotton worth 1.1 billion USD during the first ninemonths, including cotton worth more than 500 million USD from the US and300 million USD from India.

Truong added that Vietnam isestablishing itself as a global textile and garment powerhouse. In orderto maintain its position, it needs to increase labour productivity andapply cutting-edge technology.-VNA