Vietnam garment, footwear exports up sharply in Q1
BVOM.com
Garment and textile export turnover in March reached $500 million, while footwear earned $816 million in the first quarter, bringing the industry’s Q1 total exports to $1.36 billion.
Exports to the US, the EU and Japan showed fair growth, the ministry added.
Adversely impacted by EU anti-dumping tariffs, the Q1 year-on-year increase of 23 percent for footwear exports was attributed trade promotion programs and product restructuring, reported the Ministry of Industry.
To retain growth, the ministry asked enterprises to eye more markets, including the US, Japan, Mexico, Africa and the Middle East, apply advanced technology, and produce products such as sports shoes and children’s shoes which are outside tariff territory.
African countries are considered potential and promising markets for Vietnam’s garment and textile products as well, the ministry advised.
In January alone, exports to the African continent increased four times over the same period last year.
In order to become the country’s spearhead industry from 2014-10, the garment sector will need at least $3 billion in development investment, outlaid the sector’s master plan to 2015 and vision to 2020.
