Garment and textile exports to the US hit US$9.4 bil in ten months
(VOV) - Vietnam’s garment and textile exports to the US are estimated to earn US$9.4 billion in the first ten months and are likely to reach US$11 billion this year.
According to statistics from the General Department of Vietnam Customs, Vietnam’s garment and textile exports to the US in the first nine months rose 13.6% to US$8.33 billion against the same period last year.
Last year, exports to this market surged 12.6% to US$9.8 billion compared to the previous year’s corresponding period.
Nguyen Thi Tuyet Mai, Chief of HCM City office, Vietnam Textile and Garment Association (VITAS) said Vietnam’s exports to the US market have enjoyed favourable conditions as the number of orders jumped over 13% compared to last year’s corresponding period.
Earnings from exports to the US, a Trans Pacific Partnership (TPP) member nation, made up 45% of Vietnam’s garment and textile export value. The substantial tariff reduction to zero percent from the current 17%-30% under the TPP will be favourable for businesses to expand their US market in the coming years.