Home / Knowledge / News / Apparel/Garments / Garment producers looking to improve localization ratio
Garment producers looking to improve localization ratio
17
Dec '09
Vietnam has exported $8.2 billion worth of garment products till the end of November. Total garment exports for the current year are expected to reach US $9.1 billion, same as previous year, said Mr. Le Tien Truong, Deputy General Director of the Vietnam Textile and Garment Group (Vinatex). The Deputy Minister of Industry and Trade, Mr. Bui Xuan Khu had earlier estimated that this year garment exports would bring in $9.2 billion.

This year, the export prices were lower than the prices in 2008. In the first 11 months of 2009, prices of garment products, shipped to the US, witnessed 18 percent fall. So, the export revenue generated from garment items plunged down by 40 percent though the export quantity increased by 13-14 percent. This year, the country recorded highest localization ratio of garment products i.e. of 42-43 percent, which was 37 percent in 2008.

Vietnam imported $4.7 billion worth of materials and exported $8.2 billion worth of garment items during first 11 months of 2009. Garment exports to Japan increased by 16 to 17 percent. This improvement in exports has pleased the garment producers, who have been able to enjoy tax preferences under the Vietnam - Japan Economic Partnership Agreement (VJEPA) along with which they also have a high localization ratio of raw materials.

Mr. Truong underlined that the country has been paying special attention to the three programs on fabric, cotton, and training development as increasing domestic inputs in garment products is always the key issue in the garment development plan.

Country increased the area under cotton crop by 8,000 hectares in the year 2009 and the cotton crop has been witnessing price hike in global market. This offered profit to the cotton growers who are selling cotton between 29,000 and 32,000 Vietnam Dong per kilo.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

No restriction on cotton import via Karachi port: Dastgir

The government has not imposed any restriction on import of Indian...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Rupa Sood and Sharan Apparao
Nayaab

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

Jay Ramrakhiani
Occasions Elegance Wear

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search