Viet Nam's garment and textile plans to earn 1 billion USD

Ha Noi, Nov. 8 (VNA) -- Viet Nam's garment and textile industry plans to earn around USD 1 billion per year from exports to the United States in the first year after the Viet Nam-US trade agreement comes into effect.

The industry obtained an export turnover of USD 60 million from the export of garments and textiles to the US this year.

According to garments and textile exporters, the US market has a high demand for imported garments and textiles. However, Viet Nam has exported its products to the US market through sub-contracts.

To have a larger share in the US market, Vietnamese businesses will have to broaden relations with retail companies, import-export companies and leading producers in the US.

Textile and garment exports are Viet Nam's second biggest hard currency earner, after crude oil.

The industry registered an export turnover of nearly USD 1.54 billion in the past ten months and is likely to earn USD 1.9 billion by the end of this year.--