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Textile sector strives to reduce import dependence
09
Jun '10
The textile and clothing sector in Vietnam is heavily dependent on imports of raw materials to feed its industries, with imports accounting for nearly 80 percent of raw material inputs, used by the industry to churn out goods for exports.

The government of Vietnam has laid out preferential policies to attract investment in to the upstream textile sector. However the investment that has been made in the last few years is not enough to feed the demand from the textile and clothing sector.

The largest textile group, Vietnam National Textile and Garment Group (Vinatex) has come up with nearly 20 key textile and dye projects over the past five years to attract domestic and foreign investments, but has failed to attract adequate amount of investments.

Vinatex is in the process of building a fibre manufacturing plant in the northern port city of Hai Phong, which is expected to meet 70 percent of the sector's demand. The government on its part has also announced a scheme to produce upstream textile raw materials.

The textile industry has to source more than 95 percent of cotton; one of the main raw materials from overseas markets. In order to meet the shortage, the area under cotton cultivation is being extended from 6,600 hectares last year, to around 15,600 hectares this year.

Alongside, two large fabric manufacturing plants are planned to be set up in HCM City and five key textiles and dyeing projects in a number of other regions will be upgraded to produce 45 million meters of fabric by the end of 2010, by the government.

In the first five months of the current year, exports from the country's textile and garment sectors totaled to around US $3.8 billion, up more than 17 percent year-on-year and the targeted export figure for this year is $10.5 billion, a year-on-year increase of 15 percent.

Fibre2fashion News Desk - India


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