Vietnam’s apparel industry is projected to surpass rivals from India and Mexico and become the second largest apparel exporter to the US market after China this year, the American Chamber of Commerce (AmCham) said.
The chamber said Vietnam has the largest growth rate, 34 percent last year, among the top five apparel exporters to the US, respectively China, Mexico, India, Vietnam and Indonesia.
The removal of US quotas on apparel exports from Vietnam in January 2007, upon the country’s WTO accession, contributed to the surge of US$4.4 billion export turnover for the year.
AmCham predicts that if Vietnamese producers maintain their growth rate, they will gain $6.1 billion in export earnings from the US by year-end, increasing the country’s market share from 3.2 to 6.1 percent in the world’s largest apparel market.
Vietnam aims to gain $9.5 billion from textile and apparel exports in 2008 compared to $7.8 billion last year.
The industry, which will jostle with crude oil as the country’s top foreign currency earner, exported $720 million in the first month of this year.
China, however, will remain atop the US market with its apparel exports forecasted to capture a 38.7 percent market share in 2008, up from 33.5 percent last year
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