The newly updated data, a 30 percent year o­n year increase, has made the industry’s $13 billion full-year target within reach provided that there will be no specific changes o­n the world market, Sai Gon Tiep Thi newspaper quoted Le Tien Truong, deputy director of Vinatex.

This was the highest growth for the sector in the first months of the past four years, with export revenues to the European Union (EU) up by 40 percent, the US, around 20 percent and Japan, five percent, said Vinatex general director Tran Quang Nghi, according to the Vietnam News Agency.

Its export revenues in June alone reached $1.15 billion, up 11 percent month o­n month.

Experts predicted that the US would become a market with larger prospects for Vietnam’s garment and textile sector as the Trans-Pacific Partnership (TPP) talks were being negotiated.

At present, Vietnam was the second-largest garment and textile exporter to the US but o­nly made up 8 percent of total market share,said Vietnam News Agency.

Though the value of raw material imports in H1 surged o­n rising world prices, import volumes were o­n a fall (cotton imports in H1 declined some 10 percent year o­n year).

This resulted from the fact that garment and textile businesses have implemented various measures to promote the saving of materials and energy, and cutting administrative costs to boost their efficiency from the beginning of this year, said Vinatex.

Vinatex has delayed many projects in manufacturing materials for textile and dyeing to concentrate o­n finishing 52 other fiber-making projects having Returns o­n Equity above 20 percent.

Those finished projects have already found their customers for their total outputs, Truong said.

The number of original design manufacturer (ODM) contracts has accounted for 5 percent of the industry’s total contracts this year, and is expected to reach 15 percent and 20 percent by 2015 and 2010 respectively.

Domestic consumption in the first half of 2011 has brought in VND8.3 trillion revenues for Vinatex, up 22-23 percent over the same period last year.

It is expecting to earn VND17 trillion from the domestic market by the year-end.