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 Jul 2016

EIAP not attractive enough for Dominican Republic

Notwithstanding a special concessional scheme allowing duty-free...

Courtesy: Gildan

Apparel/Garments | On 30th Jul 2016

Q2FY17 net earnings slip 4.7% at Gildan Activewear

Net earnings for the three months ended July 3, 2016 slipped 4.72 per ...

Courtesy: Intertek

Textiles | On 30th Jul 2016

Intertek textile labs to test dye content in Vietnam

Intertek, a Total Quality Assurance provider to industries worldwide, ...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

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

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
June 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search