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Vietnamese garment sector aims to enhance exports
05
Jul '12
The garment and textile sector of Vietnam is aiming to significantly increase its exports over the next few years.
 
During the past few years, the garment and textile industry of Vietnam has grown at a speedy and sustainable pace and has significantly contributed to the country’s socio-economic development.
 
In spite of recession, Vietnam’s apparel and textile sector has been able to post impressive export growth in recent years. With a year-on-year rise of 24 percent, the sector’s export turnover touched US$ 11 billion in 2010.
 
Last year, it rose by 38 percent year-on-year to US$ 13.8 billion, accounting for 16.5 percent of the country’s overall export turnover. Vietnam is now counted among the top 10 countries in the world, in terms of annual garment and textile export turnover.
 
Eyeing a year-on-year growth of 10-12 percent, Vietnam’s clothing and textile sector intends to achieve US$ 15 billion mark in exports this year. The sector has set export target of US$ 22.5 billion by 2015 and US$ 31 billion by 2020.
 
The impressive export performance of Vietnam’s garment and textile sector is attributable to the efforts put in by the entrepreneurs in developing links with leading importers in the world, while making the most of availability of skilled workforce in the country. 
 
There are bright prospects for the garment and textile industry of Vietnam as the country has inked several multilateral and bilateral agreements with other countries and regions.
 
Of particular importance is the Trans-Pacific Partnership Agreement (TPA), which would help Vietnamese apparel and textile sector to better penetrate in the EU, US and Japanese markets.
 
Presently, around one-half of all Vietnam’s garment exports are destined towards the US, while the EU stands second accounting for about 18 percent of the country’s overall garment exports.
 
Last year, with garment imports worth around US$ 124.42 million, Japan was the third largest market for Vietnamese apparels.
 
Prime Minister Nguyen Tan Dung has granted his approval to the Strategy for the Development of Vietnam's Garment and Textile Industry by 2015 and Orientations by 2020.
 
The Strategy and Orientations are aimed at making the clothing sector a key industry in Vietnam, by not only increasing its exports, but also by catering to rising domestic demand, generating newer employment opportunities, enhancing the national competitive edge and ensuring better integration with the regional and global economies.
 
Vietnam is also launching a programme aimed at producing one billion metres of fabric, and developing human resources as well as cotton cultivation.
 

Fibre2fashion News Desk - India

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