Vietnam has emerged as the fourth largest textile exporter in the world by earning US$12.18 billion in the first six months of 2015, said the Vietnam National Textile and Garment Group (Vinatex). The earning is 10.3 per cent higher than last year. US, South Korea and the European Union were the biggest buyers of Vietnamese products, posting growth of 11.0 per cent, 8.3 per cent and 8.2 per cent respectively, against the same period last year.

According to Le Tien Truong, General Director, Vinatex the results are a positive sign which will enable country’s garment industry to achieve the target. The textile and garment sector is aiming at total exports of US$28.0-28.5 billion in 2015. In 2014, the industry witnessed good growth in exports reaching US$24.5 billion, up nearly 16 per cent compared to 2013.

The sector is expected to benefit from several free trade agreements (FTAs) that are likely to take effect. Owing to advantages accruing from the FTAs, the textile industry could double the size of production in ten years. On opportunities brought by the Vietnam-EAEU FTA, Vietnam is likely to earn over US$1 billion from shipping textiles to the market if it takes full advantage of benefits from the agreement. Vietnam is in the final stages of negotiations for FTA with South Korea, and the Customs Union of Belarus, Kazakhstan and Russia.

With favourable movements in the global economy and the recent signing of free trade agreements (FTA) between Vietnam and the Eurasian Economic Union (EAEU), and South Korea, 2015 is forecast to be a bright year for Vietnam's garment industry.

The sector will need to make additional efforts to seek new markets and opportunities, and establish partnerships with major groups to be able to sign high-value orders in the remaining month of this year, Le added.