The exports of garments and textiles from Vietnam grew by 14.5 percent year-on-year to US$ 8.9 billion in the first six months of the current year, according to the Vietnam Textile and Apparel Association (VITAS).

 

The US and the EU continued to be the major markets for Vietnamese garments which accounted for US$ 3.94 billion and US$ 1.29 billion worth of exports during January-June 2013, Viet Nam News reported.

 

The value of Vietnam’s clothing exports to Japan stood at US$ 1.1 billion, during the first half of the current year, VITAS said.

 

Vietnam’s apparel exports to South Korea witnessed the highest growth of 32 percent to touch US$ 660 million during the six-month period.

 

VITAS said South Korea is likely to become the fourth biggest market for Vietnam’s apparel and textiles exports, next only to the US, the EU and Japan, by 2014.

 

Compared to 14.5 percent growth achieved in apparel and textile exports, the sales in domestic market grew at a modest rate of 9.5 percent year-on-year, which is the lowest in the last three years.

 

Vietnam has set garment and textile export target of around US$ 19 billion this year, compared to exports worth US$ 17.2 billion made during 2012.

 

Vietnamese clothing and textile enterprises are expecting the Trans-Pacific Partnership (TPP) negotiations to conclude on a positive note, as it would allow them to export at zero-duty to the US.