Vietnam continues to remain among the leading 10 apparel exporting nations of the world. This has been made possible by the fast growth of the Vietnamese garment sector in spite of the fluctuations in the international as well as domestic markets. It is anticipated that the earnings from the export of Vietnamese garments in 2010 might touch USD 11 billion, registering an increase of 23-24 percent from that of the previous year and a hike of 5 percent over the set target for 2010.
According to Le Van Dao, Deputy Head of the Vietnam Textile and Apparel Association (Vitas), it is for the sixth consecutive month that earnings from the export of apparels have crossed one billion dollar in December 2010. This indicates that the net profit for the entire sector is likely to enhance by 18 percent to more than 4.5 billion dollar. Garment sector is likely to emerge as the biggest export sector in Vietnam.
While addressing the 6th Congress of the Vitas, Nguyen Sinh Hung – the Deputy Prime Minister of the country appreciated the contribution made by the industry. He added that it has maintained a strong position in the local market as well as in the international market by overcoming several challenges. It has continued to maintain its quality and brand name. It has also been successful in fulfilling its corporate social responsibility.
The apparel industry has helped in generating employment and has enabled a number of workers to earn a respectable income. The apparel industry in Vietnam is already engaged in the task of fulfilling the export orders which it has received for the first as well as second quarters of 2011. Whereas the other sectors are still waiting for orders to come, this year. They have to be extra cautious while signing the deals with their partners as there are apprehensions that prices might soar up by 10 to 15 percent over the prices prevailing in 2010.
The garment industry intends to enhance its export earnings to over 19 billion dollars in 2015 and 25 to 27 billion dollars in 2020, for which it is introducing several mega projects such as manufacturing one billion metres of fabric for exporting, enhancing cotton production to increase the volume of domestic textiles, giving proper boost to the human resources to fulfill the rising demands, establishing specialized co-operatives in the country to enable it to emerge as a fashion hub in the entire region.
Fibre2fashion News Desk - India
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