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Garment sector aims to double exports by 2020
Mar '11
The Vietnamese garment industry is looking forward to grow its exports by almost 100 percent to US$20 billion, and also grow its domestic sales to $6 billion by 2020.

It was also revealed in a conference in HCM City that, the sector last year exported goods worth $11.2 billion, while its domestic sales stood at $4.2 billion. It was also required to import textile raw materials like cotton, fibre, fabrics and accessories worth $8.9 billion, during the period.

Thus in order to cut down on imports, the industry intends to attract more investment in cotton cultivation and make provision for better facilities for production of fabric and accessories.

An expert urged the sector to gain a better equilibrium between the production capacities of the downstream – garment and terry towel and upstream – cotton ginning and spinning industries, so as to cut down on imports.

Moreover, in order to fulfil the export and other targets, the industry would lay more emphasis on exporting high and high- medium end products, and on training its workers in production management, technology, fashion designing and fashion marketing.

Further, the industry besides setting up textile and dyeing industrial zones in Dong Nai, Thai Binh, Tra Vinh, Nghe An, Da Nang and Nam Dinh provinces, would even set up production plants in labour intensive regions with better transportation facilities.

Recently, as there has been a rise in the quantum of the export orders shifting from China to Vietnam, which is considered a positive development, but at the same time, also poses a challenge as the Vietnamese industry largely depends on other countries for sourcing raw materials.

US with a 55 percent share is the largest importer of garment and textile items from Vietnam, while the EU follows with an 18 percent share. The share of Japan and Korea stands at 11 and three percent, respectively, while the ASEAN member countries represent a two percent share.

Trousers, polo shirts, T-shirts and shorts constitute to be the sectors' key exports in the low and medium segments.

There are around 3,700 garment and textile firms in the country, majority of which are concentrated in HCM City and the southeast and 35 percent of these countries are under foreign ownership.

Fibre2fashion News Desk - India

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