Textile & apparel sector aspires to reach greater heights
08 May '08
2 min read
According to the Ministry of Industry and Trade (MOIT), textile and garment sector of Vietnam generated nearly US $2.6 million revenue in the first quarter of 2008, experiencing a rise of 24.5 percent, when compared to same period last year.
The textile sector is now planning to enhance the quality of its exports by investing huge amount of capital into new projects and collaborations for the production of raw material that will also reduce the input cost of the domestic industry.
The Viet Nam Garment and Textile Group (Vinatex), has joined hands with Viet Nam Oil and Gas Group (PetroVietnam) for investing nearly VND2 trillion for producing polyester fibre at petrochemical plants at Dinh Vu Industrial Park, Hai Phong. The association, has even requested both domestic and foreign companies to invest in the these factories.
Experts believe that, from 2009 the domestic production of polyester fibre will meet 15 to 20 percent of the total demand of domestic industry, as this sector still relies heavily on imports. By 2012, nearly 50 percent of the demand for polyester fibre will be fulfilled by local suppliers.
The textile and apparel industry is planning to develop cotton growing areas in Ninh Thuan, Binh Thuan, Dak Lak, Quang Ngai and Dong Nai Province, with an aim increase cotton growing area to almost 50,000ha by 2010.
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