A production line at Ha Quang Garment Factory in central Quang Binh Province. The domestic textile and garment industry aims to earn $28.5 billion from exports this year.— Photo Tran Viet

It will be jointly organised by the Vietnam Cotton and Spinning Association (VCOSA) and the China Chamber of Commerce for Import and Export of Textiles and Apparel (CCCT).

The meeting will be attended by Vietnamese textile associations, textile enterprises and bulk suppliers and buyers from across the world, such as Puma, Levi Strauss, Li & Fung and the Tal Group, as well as representatives from the United States Fashion Industry Association. Domestic participants will include Soi The Ky, Phong Phu and representatives from Viet Nam's textiles and garment industrial parks.

During the event, businesses and economists will share and discuss the overall international textiles and garment market situation, Viet Nam's textile industry, the textile and garment producers' practice of transferring investment in the world, and ways to connect with international supply chains of global brands.

The participants will visit the Rang Dong Industry Park in the northern Nam Dinh Province, which is one of the provinces providing the most effective support to businesses in the textiles and garment sector.

The country's textiles and garment industry has strongly developed its production capacity in recent years. It has become a major exporter of textiles and garments, along with China, India, Turkey and Bangladesh.

In 2014, the country's textiles and garment export turnover reached US$24.5 billion, an increase of nearly 17 per cent over 2013. Its products were shipped to 180 countries and territories around the world.

The industry is one of the country's largest economic sectors. It has more than 4,000 businesses, creating stable jobs and salaries for about 4.5 million workers, of whom 2.5 million are direct workers, while the rest are indirect workers working for support industries, storage and transportation.

The domestic industry is expected to benefit from a number of free-trade agreements (FTAs), such as the Trans-Pacific Partnership Agreement, the Viet Nam – EU FTA and the Viet Nam – South Korea FTA, thanks to reduced taxes.

Deputy Chairman of the Viet Nam Textile and Apparel Association (VITAS) Le Tien Truong said to baodautu.vn that domestic businesses have made use of the opportunities to develop the market, attracting foreign investment. During the nine years since joining the World Trade Organisation, the country's market share in the United States increased from three per cent to 10 per cent (just behind China).

He said the country's export turnover made impressive growth in large markets in 2014, with growth rates of 17 per cent, 12.5 per cent, nine per cent and 27 per cent being registered in the European Union, the United States, Japan and South Korea, respectively.

The industry aims to earn $28.5 billion from exports this year. In the first four months of this year, the industry earned $6.55 billion from exports, an increase of 10.2 per cent. — VNS