Vietnam textile exports hit record high
Vietnam’s export turnover achieved a high result in 2010, far exceeding the annual target set by country’s government, thanks to surging sales of textiles and footwear in markets around the world.
The nation’s textile export revenue in 2010 reached $11.5 billion; the biggest proportion of Vietnam’s export turnover, which in 2010 reached a total of $71.6 billion.
Footwear had the second largest proportion, increasing 26% $5 billion.
Statistics show that sales at key markets including the US, Japan and Korea were on the increase. There were also sharp increases in exports to new markets in the Middle East and South America, with Saudi Arabia up 28% and Mexico up 20%.
Following this success, Vietnam is now looking to new potential export markets for 2011. “There are many potential markets local exporters should quickly enter, including Myanmar, Africa and Middle East countries,” said Tu Minh Thien, director of the Investment and Trade Promotion Centre. “Export turnover into African markets is only $2 billion, making 3% out of the country’s total amount.”
Analysts have suggested that orders from emerging markets have helped local exporters through the global recession, which led to a decrease in orders from big foreign importers.
The government’s target of 10% for 2011 will mean local exporters will have to make an export turnover of $78 billion.
Deputy Minister of Industry and Trade, Nguyen Thanh Bien believes this year’s target is a tough challenge for local enterprises as banks’ interest rates remain high.
Huynh Quang Thanh, general director of the furniture maker Hiep Long in Binh Duong Province, said: “Most exporters have to borrow from banks as they need huge working capitals.
“High interest rates will push up production expenses, weakening local firms’ competitiveness.”
