Saturday, June 25, 2011

Garment exports to reach $13.2b this year

HA NOI — Total garment export turnover was estimated to reach US$6.16 billion in the first half of this year, up 30 per cent against the same period last year, the highest growth rate in the past five years, said deputy general director of the Viet Nam National Garment and Textile Group (Vinatex) Le Tien Truong at a press conference yesterday in Ha Noi.
In June alone, apparel exports topped $1.15 billion, a month-on-month increase of 11 per cent, Truong said.
These encouraging results came despite the fact that domestic garment enterprises had to cope with several challenges including rising electricity prices that resulted in increased production costs, high lending interest rates and fluctuations in the global price of cotton, he said, adding that the US, EU and Japan remained the largest importers of Vietnamese garments.

During the period, the apparel industry also witnessed an export surplus of $2.1 billion, making an effective contribution to the country's economic development, he said.
"At this rate, our target of exporting $13.2 billion worth of garments this year is well within our reach," he noted.
As part of a garment and textile development plan for the 2011-20 period, the industry will gain yearly growth of 12-14 per cent and export growth of 15 per cent.
The apparel industry is targeted to reach $18 billion in export value by 2015 and $25 billion by 2020, creating 2.75 million and 3 million jobs, respectively.

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