The largest sector in Vietnam is industry, accounting for 41.8% of GDP. One of the top industries in Vietnam is the textile industry. Vietnam exported $5.8 billion worth of textiles in 2006, and expects to reach $7 billion in 2007. This industry is Vietnam’s second biggest exporter, behind crude oil, and accounts for about 15% of the country’s export value in merchandise. Over 50% of Vietnam’s textile exports go to the U.S., and over 15% to the EU.
A drastic increase in U.S. textile imports from Vietnam occurred in 2001, after the U.S.-Vietnam Bilateral Trade Agreement was signed. In 2003, however, a U.S.-Vietnam Textile Agreement was put into place. This agreement set base quotas for 26 different categories of U.S. imports of Vietnamese textiles and garments, increasing at a rate of 7% annually. The Vietnam Textile and Apparel Association works to keep the Vietnamese textile industry expanding by aiding its member companies. The association supports its members by promoting their trademarks both domestically and in foreign markets. Diversification of products to meet specific markets as well as expansion into Africa and Eastern Europe is also being encouraged by the Vietnam Textile and Apparel Association.
Written by Carl Phelps, Research Associate, GLOBAL ID LLC
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