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Vietnam garment exports to maintain steady growth

03
Jan '12
After achieving a significant export turnover of more than US$ 14 billion last year, Vietnam's garment and textile sector now aims to further the growth and achieve a target of US$ 15 billion in 2012.

Vietnam's textile and garment sector achieved a trade surplus of US$ 6.5 billion last year because of healthy market forecasts and renewed customer confidence, according to the Vietnam Textile and Apparel Association (VITAS).

However, achieving the textile and garment export target of US$ 15 billion in 2012 would not be easy as Vietnam's major export destinations like the US and the EU still continue to suffer from financial difficulties.

Moreover, on the domestic front, the garment manufacturing companies would have to confront with the rising cost of production, owing to an increase in the cost of electricity, fuel, water, bank loan interest and salaries of workers.

In such a scenario, Vietnam's textile and garment businesses would be required to choose products and markets carefully to maintain its steady growth.

Meanwhile, Nguyen Thanh Bien, Deputy Minister of Industry and Trade, said Vietnam's total exports are likely to increase by 13 percent to US$ 108.8 billion in 2012.

Fibre2fashion News Desk - India


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