Vietnamese garment sector is upbeat about good growth prospects in the New Year after achieving a 7-7.5 percent growth in 2012 export earnings.
Dang Thi Phuong Dung, Vice Chairperson of the Vietnam National Textile and Apparel Association (VITAS) said global financial volatility caused Vietnamese garment sector to cut its export target from US$ 19-19.5 billion to US$ 17.5 billion during last year.
Real time measures adopted by local companies to boost their competitiveness and cut production costs, greatly helped the sector to achieve this target, she said.
The sector also tapped a year-on-year rise of 7-7.5 percent in its export earnings, which is a great achievement in current times of financial woes, she told online newspaper Dau Tu.
Meanwhile, Dong Nai Garment Corp (Donag-amex) has unveiled its intentions to start its Dong Phuoc garment factory after Tet - the Lunar new year.
Looking to accelerate production and bag orders for up to June 2013, the company plans to import equipments worth US$ 500,000, Donagamex General Director Bui The Kich told Dau Tu.
He said in spite of growth optimisms for 2013, the company has set a reasonable target for the year, and intends to make Vn$ 75 billion in revenues this year.
The target is Vn$ 5 billion above 2012’s earnings when the company’s revenue grew by 12 percent to Vn$ 70 billion, he said.
HCM City-based Century Synthetic Fibre Joint Stock Co (CSF) is also eyeing a major boost in its earnings during 2013.
The firm’s Chairman Dang Trieu Hoa said, as one of Vietnam’s leading garment firm, this year they would be chasing a revenue target of Vn$ 1.6 trillion, compared to last year’s earnings of Vn$ 995 billion.
He also said that 2013 would be an important year for the company as they would be launching the second phase of their Trang Bang Industrial Zone based fibre plant, which would boost the company’s production capacity to 35,000 tons per annum. The move is expected to boost the firm’s revenue by Vn$ 450 billion.