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Vinatex urges textile units to reduce expenses
28
Apr '08
The Vienam Textile and Garment Group (Vinatex), has urged all the enterprises to minimize their expenditure in a bid to gain its revenue targets of 2008. According to the group, textile and apparel industry is going through rough phase as cost of fibre has gone up due to 36 percent rise in oil prices.

In Vietnam, the prices of energy and raw materials that includes fuel, coal and transportation, have witnessed a skyrocketing increase of around 200 percent. The price of cotton have also observed a boost of 20 percent.

According to a survey conducted by Vinatex, rising prices will lead the textile units to increase the production expenditure to approximately US $50 million for 102 companies of the association, this year.

In 2007, textile and garment industry was second largest foreign currency earner for the nation. However, this year the ambitious targets for 2008 fiscal seems to be little impossible with soaring prices.

Fibre2fashion News Desk - Vietnam

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