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Experts urge Vietnam govt to support garment industry
23
Feb '12
The Vietnamese Government has been urged to support the country's textile and garment industry by providing tax holidays, financial support and also by implementing policies to boost the sector's growth.

Speaking at a seminar organized by the Financial Policies and Strategy Institute and the Institute for Industry Policy and Strategy, Ministry of Finance's Duong Thi Nhi said the Government should concentrate on textiles, garments and other industries that enjoy several natural advantages, but still are not in a very good state.

Citing an example, he said, textile and garment exports from Vietnam were valued at US$ 6.16 billion during the initial six months of 2011, against which its imports, mainly comprising of raw inputs and accessories were valued at US$ 5.76 billion. Thus, the industry's net export value was just US$ 400 million.

Institute of Finance's Dr. Nguyen Thi Lan said the Government has created favourable atmosphere for investment in six specified sectors, called support industries, by both domestic as well as overseas investors.

Although these support industries enjoy exemption from paying duty on import of raw inputs for production and scientific research, they are still in a fragile state as they need to import about 80 percent of their raw material requirements from other countries.

This, he said is hindering the country's economic growth, as the country needs to spend billions of dollars for imports. Hence, he urged the Government to implement appropriate measures to support the country's textile and garment industry and to reduce its dependence on imports.

Fibre2fashion News Desk - India

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