Core tips: in the first quarter of 2017, Vietnam's clothing exports were strong, with apparel exports growing by 10 % year - on - year ( in us dollars ), up from 9.7 % in the same period last year, with major export destinations for Asia and the United States, with relatively weak demand in European markets.
In the first quarter of 2017, Vietnam's clothing exports were strong, with exports up 10 per cent year-on-year ( in us dollars ), up from 9.7 per cent in the same period last year, with major export destinations for Asia and the United States, with relatively weak demand in the European market. Vietnam's clothing exports increased by 7.4 % and 4.9 % year - on - year, respectively, in 2015 and the first quarter of 2016.
It is understood that the main clothing export destination of Vietnam to the Asian market is Japan, accounting for 11.7 % of the total garment export of Vietnam, is the second largest destination country after the United States. In the first quarter, exports from Vietnam to south Korea grew by 16.3 % year - on - year, while exports to China grew by more than 40 %, Germany by 1.6 % year - on - year, and Britain by 3.1 % year - on - year. At present, south Korea and China are the third and fourth largest destination countries of Vietnamese clothing exports.
Clothing exports from Vietnam to the United States rose 19.5 per cent year-on-year in March 2017, up from 18 per cent in the same period last year, according to official us data. In January - April 2017, Vietnam's clothing exports to the United States grew by 12 % year - on - year, and exports grew by 8.2 % year-on-year ( in us dollars ).
In the chemical fiber garment sector, since the first quarter of 2012, the number of chemical fiber clothing exports from Vietnam to the United States increased by 63 %, and exports increased by 72 %. Vietnam's market share in the United States is about 13.36 %, down from 31.55 % in China. It is understood that in the far east, Taiwan and other far east invested about $ 4.85 billion in construction facilities, and that the production of polyester staple fibres in Vietnam is expected to increase further in the future. At present, Vietnam is increasing production of chemical fiber clothing, about 50 % of the total production in Vietnam.
With the us withdrawal from the TPP, it means Vietnam no longer has duty-free access to the us market. Last year, Vietnam's free trade agreement with the European union could boost its exports to the EU market. It is understood that the free trade agreement between Vietnam and the EU will begin in 2018 and will provide duty-free concessions after eight years.