Wednesday, February 27, 2008

Vietnam's apparel exports to US to hit US $6.1 billion this year, AmCham

The US Chamber of Commerce Vietnam forecasts that Vietnam will take Mexico and India to rank second, only after China, in terms of apparel exports to the US, with export turnover hitting US $6.1 billion, if the present trend continues.

Vietnam’s market share is predicted to growth rapidly from 3.2% (fifth place) in 2005 to about 6% and second place in 2008.

In 2007, Vietnam ranked fourth as a supplier to the US apparel market, up from fifth position in 2006, behind China, Mexico, India.

According to statistics from the Ministry of Trade and Industry, Vietnam’s exports of apparel products to the US reached US $4.5 billion last year, exceeding crude oil export turnover, despite US’s application of a program to monitor imports of apparel from Vietnam, thus, Vietnam has had to work out an export monitoring programme to cope with this.

This year, Vietnam targets to earn US $9.5 billion from exports of apparel products, up 21.8% against 2007. (VnExpress)