Vietnam Textile Summit 2015 was held in Hanoi, Vietnam, from June 25th -27th bringing together Vietnamese textile associations, textile enterprises, large-scale suppliers and buyers from all over the world to discuss global market trends. The chairman of Vietnam Cotton and Spinning Association (VCOSA) Nguyen Van Tuan at a conference in Ha Noi on Thursday announced that the apparel production scale in Asia will expand 2.4 percent by 2030, accounting for over 60 percent of global outputs.

Tuan said that several free trade agreements such as the trade pacts Viet Nam and South Korea were reached, and they will turn the country into one of the primary destinations of the global supply chain and open up huge opportunities for the domestic garment industry.

According to VCOSA, nine years after joining the World Trade Organisation, the country's garment-textile sector has increased its market share in the United States to 10 percent from the previous 3 percent, second only to China.

Last year, the sector saw an impressive growth of 17 percent in Europe, 12.5 per cent in the United States, 9 percent in Japan, and 27 percent in South Korea.

Over the past six months of this year, garment exports earned the country $12.18 billion, up 10.26 percent year-on-year. The United States continued to be the largest importer of Vietnam's textile and garment products, accounting for 42 percent of the total export value of $5.18 billion, a surge of 11.01 percent.

Dang Phuong Dung, deputy vice chairperson and general secretary of Vietnam Textile and Apparel Association said that in order to effectively grasp these opportunities, the local garment sector should make a greater effort in calling for foreign and domestic investments in its weakest areas. Closer links between garment producers and raw material suppliers are necessary.

President of the US Fashion Industry Association Julia K Hughes said that many US companies are willing to seek supply sources from nations joining the TPP agreement once it takes effect and Vietnam is ranked highest in terms of the ability to draw new businesses.

The textile industry is one of the Vietnam’s largest economic sectors having more than 4,000 businesses, creating stable jobs and salaries for about 4.5 million workers, of whom 2.5 million are direct workers, while the rest are indirect workers working for support industries, storage and transportation.

The industry aims to earn $28.5 billion from exports this year. In the first four months of this year, the industry earned $6.55 billion from exports, an increase of 10.2 percent.

Te three-day conference, which ends today was jointly organised by the Vietnam Cotton and Spinning Association (VCOSA) and the China Chamber of Commerce for Import and Export of Textiles and Apparel (CCCT).