Vietnam is estimated to reap textile and garment export turnovers of some 2.1 billion U.S. dollars in the first five months of this year, a year-on-year rise of 40 percent, according to a local trade information center Wednesday.

Between January and May, the country is estimated to earn over one billion dollars from selling the products to the United States, 350 million dollars to the European Union (EU) and 200 million dollars to Japan, said the Trade Information Center under the Trade Ministry.

Vietnam needs to invest three billion dollars in its garment and textile industry from now to 2010, according to the center. The Vietnam National Textile and Garment Group (Vinatex), the country's biggest garment producer, will invest over one billion dollars in developing its production, distribution system and material growing areas between 2006 and 2010.

After Vietnam joins the World Trade Organization (WTO), hopefully late this year, it will export more garments and textiles, especially to the United States, and attract more foreign investors in the domestic apparel industry, Vietnamese deputy industry minister Bui Xuan Khu said recently.

Vietnam is estimated to reap 5.5 billion dollars from exporting garments and textiles, mainly to the European Union and the United States, in 2006, up 14.6 percent against 2005.

Source: Xinhua