Vietnam textile & garment sector bets high on exports

17 Jan '13

2 min read

The Vietnam textile and apparel sector is expecting a further rise in its exports in 2013, after having exported US$ 17.2 billion worth of goods in 2012.

Addressing a press meet, Le Tien Truong, Deputy Director General of Vietnam National Textile and Garment Group (Vinatex), said several overseas importers prefer Vietnam-made apparels and many Vietnamese firms have already booked enough orders to last for the first quarter of 2013.

In 2013, Vinatex would adhere to a strategy of rapid growth, high efficiency and appropriate utilization of investment funds.

Viantex representative said under the 2015 development plan, the country’s textile and apparel sector is projected to grow annually at 12-14 percent, while its exports are estimated to grow at 15 percent year-on-year.

To achieve sustainable growth in garment and textile sector, this year Vinatex would target its investments towards setting up knitting factories and dyed yarn facilities in the north and south of the country, and for expanding raw material sources.

EU, US and Japan would remain the key export destinations even in 2013, while emerging market of Republic of Korea, which accounted for over US$ 1 billion worth of exports in 2012, also provides good opportunity, Mr. Truong said.

Over 10 overseas firms engaged in trading of fibre, weaving, spinning and dyeing explored investment prospects in Vietnam during the last two months of 2012. The companies include Toray International and Mitsui from Japan, Sunrise and Texhong from China and Austria’s Lenzing.

Fibre2fashion News Desk - India

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