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Vietnam's RMG export shoots high this year
04
Dec '10
There has been a considerable rise in Vietnam's exports this year. The export turnover for the entire year is likely to reach US $70.8 billion, which is 24 percent higher than the exports registered during last year and also 16.5 percent above the target set for the current year.

Textile and garment export, being the biggest contributor, to Vietnam's export has always remained the country's key export sector, growing at a rate of over 17 percent per year.

Considering its inspiring growth over the past few months, the sector is expected to earn more than US $11 billion worth of export revenues this year, registering a year-on-year rise of 21.3 percent and 5.1 percent above the target set for the current year. With this, the sector is likely to find a place amongst the world's leading 10 exporters of textile products and apparels.

It is for the fifth month that November has recorded a monthly export earning of over one billion US dollar, with its overall earnings for the last 11 months reaching to US $10.036 trillion.

The sector is now trying to surmount challenges like that of electricity sourcing, labour issues and increasing prices of raw materials in a bid to raise production and fulfil the export orders.

Vice President of the Vietnam Textile and Apparel Association, Le Van Dao, insisted on the industry's competitiveness in the times ahead and stated that the sector intends to grow into a progressive sector by 2015, while increasing its export revenues to US $20 billion and also boosting the domestic earnings to 60 percent. The industry would mainly concentrate on specializing and on collaboration so as to develop the country into a regional fashion hub, he added.

Fibre2fashion News Desk - India

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