Garment exports in January and February posted an 18 percentyear-on-year increase to 3.4 billion USD, the Ministry of Industry andTrade (MoIT) said.

The surge has made the achievement of this year's export target of 28 USD to 28.4 billion a strong possibility.

TheUnited States remained the largest export market for the Vietnamesegarments and textiles industry, accounting for 8.4 percent of thecountry's market share. It was followed by Japan and the Republic ofKorea.

This year's exports to the US market are forecast to reach11 billion USD, representing a 13 percent jump from the previous year.

Meanwhile,the European Union (EU) continued to be a key market for Vietnamesegarments and textiles, considering that the EU-Vietnam Free TradeAgreement (EVFTA) would come into effect in the future.

Accordingly,a tax cut of 12 percent to zero percent on Vietnamese garments willhelp Vietnamese companies step up their competitiveness.

As forthe US market, it is expected that the Trans-Pacific Partnership (TPP)will be signed soon, resulting in lower taxes, as well as createfavourable conditions for businesses to expand market share in thecountry.

This year is being considered as favourable for exportactivities in the sector as negotiations on several trade pacts couldconclude.

Earlier this year, most enterprises under the VietnamNational Textile and Garment Group (Vinatex) had received orders tillthe second quarter of the year.-VNA