Textile & garment industry revises 2009 preset export targets

22 Jan '09

2 min read

The Deputy Prime Minister of Vietnam, Mr Hoang Trung Hai presided over the online conference of the textile and garment and footwear sector enterprises to work out measures to overcome difficulties and ensure that the industry achieves its targets set for 2009.

According to Mr. Le Quoc An, President of Vietnam National Textile and Garment Group (Vinatex), in 2009, the textile and garment industry will have to cope with two big threats. One, there will be a cutback in spending on high quality products and the second, price competition from other countries.

It is expected that the middle and high priced quality products will face problems as consumers cut down on spending and since the global market pie will shrink due to this, there will be fierce price cutting competition from other countries to grab a slice of the market share.

Moreover, the local manufacturers will have to face competition from other countries in the domestic markets of Vietnam as they are expected to overflow with a large volume of imported products more particularly from China and other Asian countries in the next 3-6 months.

To maintain its position in the international market and safeguard jobs of workers in 2009, the textile and garment industry has revised its preset target of US $11.5 billion and reset it a comfortable target of $9.5 billion, up 5 percent over 2008. The footwear industry also sets its export target at $5.3 billion, up 12 percent y-o-y.

Speaking at the conference, Deputy Prime Minister stressed that textile and garment and footwear are the two main labour intensive industries with a large number of workers, therefore, enterprises must spare no effort to maintain their export markets and at the same time boost demand in domestic markets.

Fibre2fashion News Desk - Vietnam

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