After having recorded double digit export for many years, beginning from 2000, the clothing sector witnessed negative growth for the first time in 2008, but has bounced back to once again record positive, albeit a marginal growth of just 1 percent in the first eleven months of 2009.
This is considered remarkable, when corresponded with the double digit negative growth registered by Vietnam's competitor countries like India and China, and even more significant is the fact that, the sector is optimistic that it will be able to complete the target set at the beginning of the year.
This achievement has been considered note-worthy by experts from the industry as other export revenue generating sectors in Vietnam like; footwear is expected to tumble by 15 percent, wood products by 12 percent and seafood by 8 percent in the current year.
Despite a fall in its major export markets such as the European Union and the US, clothing and accessories exports to Australia, the Republic of Korea, Saudi Arabia, Canada and Singapore grew, especially to Japan after the Vietnam-Japan Economic Partnership Agreement took effect.
VITAS, the apex clothing trade body said that, imports of raw materials and accessories for producing finished textile products too has declined by 6.4 percent and 20 percent respectively, which indicates that local content in finished goods has increased considerably in 2009, compared to 2008.
But a big matter of concern for the clothing exporters could be inviting anti-protectionism measures, as to keep their factory wheels running, the exporters resorted to quoting low prices, which have led to per-unit rate of items falling by nearly 20 percent, when compared with the previous year.
Vietnam has promoted itself as one of the most attractive destinations for foreign buyers, thanks to its competitive prices, high quality of products and the use of advanced technology and the clothing sector has projected to touch US $10.5 billion in export revenue in 2010, up 12 percent from 2009.
Fibre2fashion News Desk - India
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