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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

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