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Economic crisis fever grips textile & garment sector

17
Oct '08
According to members of Association of Garment Textile Embroidery-Knitting, Ho Chi Minh, exports of textiles and garments are witnessing a slide. They expect to receive lesser orders in the remaining months of 2008 and the first quarter of 2009.

The industry has set an ambitious target of touching US $11 billion in exports for the current year and looking at the pace of shipments in the first eight months, the target seemed to be well in reach.

But now with the global economic crisis, situation is expected to turn worse with each passing day. Since US, EU and Japan are key export markets for the Vietnamese industry; it is all the more frightening.

Vietnam's textile and garment industry has not reached its planned target in the first half of this year in its exports to its biggest market; the US as a result of the downtrend.

In the first half of this year, Vietnam earned US$ 2.394 billion from exports from the sector to US markets, up 17.24%, but much lower than 32% growth posted in 2007.

The only redeeming feature has been the closure of the anti-dumping investigations on imports of Vietnamese goods by the US, which has brought back customers and larger orders.

Fibre2fashion News Desk - Vietnam


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