Home / Knowledge / News / Textiles / Vietnam's Ministry ratifies textile industry plan 2020
Vietnam's Ministry ratifies textile industry plan 2020
12
May '14
Vietnam’s Ministry of Industry and Trade has ratified the textile and garment industry development plan 2020, with a vision for 2030, reports Viet Nam News.
 
Under the textile and garment industry development plan, the Ministry aims to achieve 55 percent localization rate by 2015, i.e. about 55 percent of the raw material used in making the final product would be made in Vietnam. This localization rate is expected to increase to 65 percent by 2020, and to 70 percent by 2030.
 
In terms of production, Vietnam’s textile and apparel industry is likely to grow at an annual rate of 12 to 13 percent in 2013-20 period.
 
Accordingly, the country’s textile and clothing exports are expected to rise by 10 to 11 percent per annum in 2013-15, at 9 to 10 percent per annum in 2016-20, and at 6 to 7 percent in 2021-30.
 
According to the plan, domestic sales by the Vietnamese textile and garment companies will increase by 9 to 10 percent in 2013-15, and by 10-12 percent in 2016-20.
 
The plan lays emphasis on relocation of labour-intensive textile and clothing firms to rural areas, while supporting the growth of companies specializing in fashion production and in the supply of related services in urban areas.
 
At present, textiles and apparel account for 13.6 percent of total export earnings of Vietnam. The US is the main market for Vietnamese textiles and clothing, and it contributes about 48 percent to Vietnamese overall textiles and garment exports.
 
Over the next two years, two agreements—the 12-nation Trans-Pacific Agreement and the Vietnam-EU Free Trade Agreement—are likely to be implemented, which would bring down import duty on Vietnamese textiles and clothing to zero for exporting to the US and the EU.
 
At present, the US and the EU levy average import duty of 17.5 percent and 9.6 percent, respectively, on Vietnamese textiles and apparel.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search