Vietnam textile industry set to achieve target early

September was the third consecutive month the industry fetched more than $1 billion from exports, bringing the sector’s total export value in the first nine months of this year to more than $8 billion, a year-on-year increase of 20.6%.

September was the third consecutive month the industry fetched more than $1 billion from exports, bringing the sector’s total export value in the first nine months of this year to more than $8 billion, a year-on-year increase of 20.6%.

Over the past nine months, exports to the big markets have recorded high growth. Exports to the US increased 22.1% to $3.94 billion while the rising figures to the EU and Japan were 6.7% and 14.3% to $1.18 billion and $691 million, respectively.

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A surge in the price of cotton on the world market also had a negative impact on the industry. A tonne of cotton has risen 45% since the same period last year to $1,900-2,000 while the industry has to import up to 95% of its cotton.

The industry imported 260,000 tonnes of cotton in the first nine months of the year and estimates that figure will reach roughly 370,000 tonnes by the end of the year.

To fulfil the target of $19 billion from exports by 2015 and $25 billion by 2020, the garment sector is actively implementing programmes related to cotton cultivation to increase domestic supplies and develop human resources to meet the increasing demands of the sector.

The sector is also promoting its trademark and setting up distribution networks nationwide to take a firm foothold in the domestic market. – ibtimes

Tags: Vietnam textile industry