Vietnamese garment exports to the US market in 2013 grew 14.2 percent to nearly touch US$8.6 billion though garment imports into this market merely rose 3.6 percent compared to the previous year, according to Le Tien Truong, deputy chairman of the Vietnam Textile and Apparel Association.
Currently, Vietnamese garments accounted for around 8-9 percent of market share in the US. This year, Vietnamese garment exports are expected to hit $10 billion and reach $20 billion before 2020. Garments contributed more than one third to $25 billion exports of Vietnam to the US market in 2013.
In other markets, Vietnamese garment exports also saw optimistic growth. Although EU only grew 0.5 percent, South Korea increased 9 percent, and Japan declined 0.5 percent, Vietnamese garment exports to these markets were still at high levels.
Of the $19.8 billion garment exports in 2013, EU market accounted for nearly $2.7 billion, up 8.8 percent; Japan accounted for more than $2.4 billion, up 20 percent; and South Korea accounted for $1.87 billion, up nearly 44 percent.
