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

May 31 deadline for registration of chemicals under REACH

Textiles | On 23rd May 2018

May 31 deadline for registration of chemicals under REACH

May 31 is the final deadline for companies to register all chemicals...

US cotton production projected to decline in 2018: USDA

Textiles | On 23rd May 2018

US cotton production projected to decline in 2018: USDA

US cotton production is forecast at 19.5 million bales, nearly 7 per...

Pakistan's textile exports up 8.13% in July-April FY18

Textiles | On 23rd May 2018

Pakistan's textile exports up 8.13% in July-April FY18

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Hardik Sanghvi

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

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search