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Garment sector aims to reach greater heights
04
Jul '08
The garment manufacturing units of Vietnam surely have a bright year ahead of them. As many apparel companies have recently inked export contracts for the entire third quarter of 2008, and that to at a higher price when compared with previous year.

According to the statistics generated by Vietnam Garment and Textile Group (Vinatex), export of garments reached nearly US $4.19 billion in the first half of 2008. This showcases a growth of 20 percent when compared to same period of 2007.

However, various factors like rise in the price of raw material, hike in the borrowing cost and increased salaries have made the earning ratio fall to 8 percent per capita yearly, from 15.6 percent in 2007.

Even the high exchange rate between US dollar and VND is a matter of concern among the garment exporters. As a result, MOIT has also urged the clothing enterprises to export high value products and transact in other currency other than US dollar for reducing the differences.

The Ministry of Industry and Trade (MOIT), has advised Vinatex to fasten the exports for fulfilling this year's target which is nearly $9 billion. It is now focusing on the Middle East and African markets to make up for the falling sales in traditional markets.

Vinatex has also requested the Government to support textile industry for coping with non-tariff barriers and setting up cotton growing and industrial areas for further boosting this lucrative sector.

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