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Garment & textile sector plans to attain annual target
28
Jan '11
The textile and garment industry of the country has set a target of attaining an export turnover of over one billion US dollar every month during the last five months of the current year, so as to make it possible to attain the annual target of about $13 billion.

The sector's turnover during the last four months of 2010, stood somewhere around one billion dollar per month.

However, it is not possible to attain such high turnover in the initial months of the year, as majority of the orders flowing in during this period are for summer apparels, which are comparatively cheaper.

The sector by registering a year on year rise of 23.2 percent over 2009, exported $11.2 billion worth of garment and textile items during 2010, and thus stood out to be the fifth largest exporter of textile and garments across the world.

While the US stood out to be the largest exporter during 2010, by exporting goods valuing around six billion dollar, the EU and Japan followed with $1.8 billion and $1.2 billion respectively.

The sector last year, invested some six billion dollars for importing basic inputs and accessories for producing export goods. But now, in order to reduce reliance on imported inputs and accessories, the industry and the Vinatex proposes to make sound investments for procuring these inputs from local markets.

Further, the National Textile and Garment Group (Vinatex) has set a target of raising its export value by 20 percent this year, over 2009 to $2.5 billion.

The Group, this year intends to spend around one trillion VND that is $47.6 million towards expansion of its garment facilities, so as to boost production.

Also, in view of the rising cost of production in China, several Japanese garment firms are considering to relocate their production base from China to Southeast Asian countries like Vietnam.

In the past few months, many investors from Japan have showed their willingness to invest in the upcoming garment and textile ventures in Vietnam.

Costly labour, along with stringent environmental protection and power consumption norms adopted by the Chinese government have raised the prices of garment items in China.

Consequently, some Chinese and South Korean firms are also considering relocating their production base to Vietnam.

Fibre2fashion News Desk - India

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