Vietnam's garment export up in first 4 months

Vietnam is estimated to earn over 2.6 billion U.S. dollars from exporting garments and textiles, mainly to the United States, the European Union and Japan, in the first four months of this year, posting a year-on-year rise of 24.5 percent, according to a local industry association on Friday.

To realize the targeted annual garment production growth of 16-18 percent and export growth of 20 percent between 2008 and 2010, garment and textile producers in Vietnam are increasing investment in purchasing advanced equipment and technology, launching more models with finer designs, seeking more material supplies, and improving management, said the Vietnam Textile and Apparel Association.

Under a national plan on developing the local industry, Vietnam' s garment and textile industry will make total production value of 14.8 billion U.S. dollars in 2010, some 22.5 billion dollars in2015, and 31 billion dollars in 2020. The country targets garment export turnovers of 25 billion dollars in 2020.

Vietnam reaped nearly 7.8 billion dollars from exporting garments and textiles in 2007, up 34.5 percent against 2006. It earned 4.5 billion dollars from shipping the products to the United States last year.