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Textile & garment sector posts marginal growth
01
Jul '08
Both production and exports of textile and apparel industry of Southern Province of Dong Nai witnessed a steady growth in the first half of 2008.

Products worth VND3, 907.1 billion (US $244 million) were produced by enterprises within the industry, registering a rise of 14.1 percent compared to 2007.

Moreover, production of apparel accessories in the first half of this year also grew by 14.6 percent compared to the corresponding period last year.

However, experts believe that this growth is only marginal if the rise in price of raw material and consequent increase in the cost of production is taken into consideration.

As a matter of fact, lack of skilled and semi-skilled labors have also played a role in hampering growth of the overall industry. Besides, the stock market fell by two-thirds while the VND continues to depreciate substantially; moreover, trade deficit of the country has also been enlarging.

Looking at these circumstances, the growth recorded for the period was no doubt commendable but it definitely would have been more phenomenal under normal conditions.

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