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'Expect export growth of 5 percent in 2009' – Mr Le Quoc, Vitas
Dec '08
Mr Le Quoc An, Chairman, VITAS
Mr Le Quoc An, Chairman, VITAS
The Vietnamese government had recently set ambitious export targets for the textile and garment industry. The sector has generated maximum foreign exchange for the country in the recent years, with the annual growth rate on an average reaching 20 percent, each year. Buoyed by the achievements of the sector in the last few years and more particularly in the current year, it had set a target of US $11.5 billion.

The Ministry of Industry & Trade has even envisioned a strategy and objective which states “Development till 2015 and vision towards 2020.” Under the strategy, the sector is expected to generate export growth rates of 20 percent in 2010 and 15 percent thereafter till 2020 to raise an export turnover of $18 billion by 2015 and $25 billion by 2020.

According to statistics, shipments from the sector are projected to touch $9.1 billion or 96 percent of the targeted export figures for the year. But for the crisis, which unfolded in September, the industry was well on its way to achieving the figure. But now looking at the economic crisis the figures seem unrealistic for the current year and even for the next year.

This disturbing thought was shared by the Mr Le Quoc An, chairman of Vietnam Textile and Garment Association (VITAS). According to him looking the situation, a 5 percent export growth can be achieved in 2009 in comparison to the current year. He added by saying that, “The initial target was set at $11.5 billion, but this target must be reduced due to the changing business challenges and slowdown witnessed from the beginning of the third quarter.”

Among others who commented on the situation was Pham Xuan Hong, Deputy Chairman of the Association of Garment, Textile, Embroidery and Knitting (Agtek) in HCM city who said that foreign buyers were reluctant to pick up already manufactured products and that orders for 2009 might drop by as much as 30 percent if the current situation persists and added by saying that orders from the domestic market were also down in spite of it being festive times.

Fibre2fashion News Desk - India

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