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

Apparel/Garments | On 30th Apr 2016

Britain keen on new ventures in textiles and garment

British High Commissioner to India Sir Dominic Asquith, has said that ...

Apparel/Garments | On 30th Apr 2016

‘India’s apparel sector needs to revisit policies’

Apparel Export Promotion Council (AEPC)’s Additional Secretary...

Textiles | On 30th Apr 2016

Bangladesh spinners wary of another gas price hike

Bangladeshi cotton spinners have expressed concern that they may lose ...

Interviews View All

Shishir Goenka
Fusion Clothing Company

How is hemp a sustainable fabric? What makes it sustainable?

Bob Mckee
Infor Global

How much are textile makers keen to spend on software? What are the future ...

Tracey Montford
Cake Lingerie

How is the market for maternity lingerie in countries like US, UK and...

Steve Cole
Xerium Technologies

<b><i>Steve Cole of Xerium Technologies discusses the industry. Xerium is...

Mark Paterson
Technical Absorbents Ltd

<b><i>Mark Paterson, R&D manager of Technical Absorbents Ltd talks about...

A. B. Telasang
Gherzi Eastern Limited

A. B. Telasang ,M-Tech in Textiles from VJTI Mumbai has 11 years of rich...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search