Home / Knowledge / News / Apparel/Garments / Vietnam garment sector eyes 60% localization rate by 2015
Vietnam garment sector eyes 60% localization rate by 2015
14
Apr '14
The garment and textile industry of Vietnam is aiming to reach a localization rate of 60 percent by 2015, and thereby reduce dependence on imported inputs, Le Trung Hai, vice president of the Vietnam National Textile and Garment Group (Vinatex), has said, Viet Nam News reported.
 
Speaking to reporters during the recent Saigon Tex exhibition for international textile and garment manufacturers and accessories makers, Mr. Trung Hai said the increase in localization rate, which means the amount of domestically produced materials used in making a final product, would also help the textile and apparel firms to increase profits and raise their competitiveness in the global market.
 
He said at present the Vietnamese clothing industry heavily depends on imported raw materials and increasing the localization rate is important as Vietnam is currently negotiating some trade agreements, including the 12-nation Trans-Pacific Partnership (TPP) agreement. These agreements would benefit Vietnam only if the industry used domestic raw materials.
 
Besides raising the localization rate, Vietnamese apparel and textile firms are also aiming to increase the Free on Board (FOB) rate to 50 percent by 2015 from 38 percent at present, Mr. Trung Hai informed.
 
Efforts to grow cotton, the main raw material for the textile and garment industry, are currently underway in Ninh Thuan and Dac Lac provinces, according to Vinatex. Moreover, many new projects for setting up textile plants are coming up in several provinces of the country.
 
According to the Vietnamese Ministry of Industry and Trade, the country’s garment and textile industry recorded its highest growth of 20.2 percent in the initial three months of 2014, compared to the growth rate of 4.9 percent for the entire industrial sector. Accordingly, the exports of garments and textiles from Vietnam also surged up by 21.9 percent to US$ 4.5 billion in the first quarter of the current year.
 

Fibre2fashion News Desk - India


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search