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Garment exports aim for the stars

11
Dec '08
Vietnam textile and garment industry has been doing well all along since the last few years. Exports from the industry have been growing by leaps and bounds. In the first ten months of the current year the industry has exported US $7.59 billion worth of products from the industry.

This figure has been achieved against a backdrop of slowdown in demand in the last few weeks and is well on the course to achieve its export target of $9.5 billion for 2008. Emboldened by the growth figures, Ministry of Industry and Trade has now set an ambitious export figure of reaching $12 billion in 2012.

The ministry has envisioned a strategy and objective which states “Development till 2015 and vision towards 2020.” Under the strategy, the sector is expected to generate export growth rates of 20 percent in 2010 and 15 percent thereafter till 2020 to raise an export turnover of $18 billion by 2015 and $25 billion by 2020.

The vision statement also calls on more investment to be made in raw material and accessories sub-sectors to reduce import dependency on these products This in turn will help the industry to meet 50, 60 and 70 percent of demand by 2010, 2015 and 2020 respectively.

But the ministry has not set out the targets for the sector alone. It has also envisaged a road map on steps to be taken to reach the targeted figures. These include production centres to be relocated to rural and semi-rural areas where garment industrial warehouses will be set up.

Others include opening of training centers to provide training on production management and fabric designing to supplement the workforce that will be needed in the following years. Overhauling of customs and other formalities will also be part of the agenda in ensuring the industry reaches the targeted figures.

Fibre2fashion News Desk - India


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