Thread is produced at a domestic textile factory.  This year's garment and textile exports amounted to $14.5 billion as of September 15. — Photo vietnamnet.vn

HA NOI (Biz Hub) ─ The value of garment and textile exports may catch up with telephone exports to potentially become the largest contributor to national export revenues, online newspaper Infonet reported.

Viet Nam Customs data show that this year's garment and textile exports have amounted to nearly US$14.5 billion, as of September 15, representing 14.1 per cent of the country's total export value during the period and an increase of 19 per cent over the same period last year.

The export of telephones and their components reached $16 billion, accounting for 15.6 per cent of the total export value and a rise of 13.2 per cent year-on-year.

In September alone, the export values were $892.3 million for garments and textiles and $823.7 million for telephones and their components.

While these key export products currently contribute nearly 30 per cent to the total goods export value of the nation, the garments and textiles export growth of 19 per cent year-on-year is relatively high and will remain stable, industry insiders said.

Favourable conditions related to prices, labour costs and the country's geographical position help garment and textile exports become competitive. Potential opportunities from the Trans-Pacific Partnership agreement have also driven the growth of these exports, they noted.

According to Viet Nam Customs, garment and textile exports to the United States reached $6.5 billion in the first eight months of this year, increasing 15.3 per cent over the end of last year.

The figures are $2.21 billion (up 25.3 per cent) for the European Union, $1.68 billion (up 11 per cent) for Japan, and $1.22 billion (up 39.8 per cent) for South Korea.

These are the four largest export markets for Vietnamese garments and textiles. ─ VNS