Apparel export targeted at $20b by 2020

Vietnam is amongst the world’s top ten biggest apparel exporters with about two million workers and 2009′s export turnover at over $9 billion, ranking the first among Vietnam’s export items, said Le Quoc An, chair of Vietnam Textile and Apparel Association (Vitas).

Till the end of 2010, the country’s apparel export turnover is expected to grow 15 percent and reach some $20 billion by 2020.
According to An, Vietnam textile industry still depends much on imported raw materials whereas the domestic materials meet only 10 percent of home demands. From the beginning of this year up to now, enterprises have operated in harsh conditions due to the world cotton price rose sharply by 50 percent against the same period of last year.

In 2009, Vietnam had to import about 300,000 tonnes of cotton and in Q1 this year the figure was 92,000 tonnes, up 262 percent year-on-year mainly from the US, India and Africa.

An forecasted that in coming 10 years, the demand for cotton will increase by about one million tonne a year, therefore we need to seek cotton growing area in the country to meet the target of textile and garment domestication.

VOV

Tags: ,

Posted by VBN on May 11 2010. Filed under Garment Textile, Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

You must be logged in to post a comment Login

Stay informed everyday

Subscribe to free RSS and email updates from Vietnam Business News

Subscribe via Email Subscribe in a Reader Follow us on Twitter Connect on Facebook

RSS China Business News

  • Gold Ends Higher, Dips On Bernanke Speech
  • Gold up after Bernanke’s dim view
  • Gold gained for the first time in three days after U.S. jobless claims unexpectedly rise
  • Stocks close down from opening highs
  • Investors cautious over economic data
  • Accord to lift gas supply sealed
  • CNPC To Sell Bonds
  • Pang Da’s Shares Tumble On Saab’s Bankruptcy Move

Sponsored

Looking for an overseas forex broker?