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List of billion – dollar-markets for Vietnam’s textile and garment industry
Nguyen Tung 18:19, 2018/01/04
In addition to traditional markets such as the US, EU, Japan, Korea and China, ASEAN is the latest name to be added to the list of over 1 billion-dollar export markets for Vietnam’s textile and garment industry in 2017.
Representative from Vietnam Textile & Apparel Association (VITAS) informed that in 2017, Vietnam’s textile and garment industry has 6 over-1-billion-dollar export markets, including the US, European Union (EU), Japan, Korea, China and ASEAN. Among this list, the US is the biggest import market for Vietnam’s textile & apparel products with import value of 12.8 billion USD, while China and Japan shared the second place with 3.2 billion USD. 
 
the Vietnam textile & garment industry set the target of export value from 33.5 – 34 billion USD in 2018.
The Vietnam textile & garment industry set the target of export value from 33.5 – 34 billion USD in 2018.
According to the Vice Chairman of VITAS Le Tien Truong, if Vietnam can conclude negotiating payment method for trade with Russia, this will potentially be a billion-dollar- import market for Vietnam’s textile and garment industry in the next year. Besides Russia, Australia is considered as a market with high demand for textile & apparel products, thus opening new doors for enterprises to improve their profits. 

Last year, Vietnam’s textile and garment industry has exceeded the target import value of 31 billion USD, up 10.23% compared to 2016. 

in 2017, the textile & garment industry has diversified export markets, in addition to the maintaining of major export markets such as the US, EU, Japan, Korea with high growth rate, some new markets have witnessed breakthroughs such as China, Russia or Cambodia. At the same time, the industry also introduced new products for export besides traditional textile & garment products. However, some challenges the textile & garment industry are facing, as well as the role of VITAS in developing trade promotion programs, training human resources, sharing experiences in improving productivity, applying smart production models in the direction of Industrial revolution 4.0 for sustain able development. 

​In particular, VITAS has recommended the government in adjusting the basic wage, insurance, administrative procedures, and periodic investigation to reduce difficulties for enterprises in textile & garment industry. 

However due to the fact that processing is the main form of production in Vietnam the ratio of added value is not so high. One of the disadvantages of Vietnam textile & garment sector is the underdeveloped supply chain which causes the low added value ratio in Vietnam compared with other countries. To solve this problem, the government & relevant ministries of Vietnam has step by step overcome difficulties through creating a favorable environment, issuing policies to develop the supporting industry for textile & garment sector which helps to develop the supply chain in this sector

Experts also proposed measures such as fully exploiting the domestic market of more than 90 million people, and maintaining and developing key markets such as the US, EU, Japan, and the Republic of Korea, as well as other markets like ASEAN, Eurasian Economic Union, India, and Latin America. For the export value target in 2018, the Vietnam textile & garment industry set the target of export value from 33.5 – 34 billion USD. 
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