The garment industry will achieve this year’s export target of US$10.5 billion by November, the Vietnam Textile and Apparel Association said.
In September, for a third consecutive month, exports topped $1 billion, taking year-to-date exports to more than $8 billion.
Since most firms have signed contacts for the rest of the year, exports will be worth at least $1 billion each month this quarter, VITAS said.
This year exports to major traditional markets have seen high growth. Exports to the US are up 22.1 percent to $3.94 billion, while shipments to the EU and Japan are 6.7 percent and 14.3 percent up at $1.18 billion and $691 million.
However, a surge in the global price of cotton has had a negative impact on the industry which imports 95 percent of its cotton needs. The price of a ton has risen 45 percent from the same period last year to $1,900-2,000.
Vietnam imported 260,000 tons of cotton in the first nine months and that figure is likely to reach 370,000 tons by year-end.
With the government setting export targets of $19 billion in 2015 and $25 billion in 2020, the industry is eyeing increased cotton cultivation and development of human resources to meet the increasing needs.
On the domestic front, in an effort to capture a greater market share, it is promoting trademarks and setting up distribution networks around the country.
