Leading Industry in Vietnam
According to statistics from the Ministry of Trade and Industry, the garment and textile sector is one of the leading industries, which has actively contributed to achieving the country’s export target. So far, garment and textile exports have fetched around US$7 billion, up 28 percent against the same period last year. Of the figure, 50 percent comes from the US market and the rest from the European, Japanese and other markets. Judging from such results, the sector will fulfill its plan targets with export turnover reaching about US$7.5 billion, up 27 percent against the 2006 figure. Vietnam’s garment and textile exports would have reaped more profits if the US Department of Commerce had not imposed the Vietnam Textile and Apparel Import Monitoring Programme.
In recent years, the garment and textile sector has focused on garment manufacturing and exporting products via a third country, making them low value- added since the sector has not yet affirmed its trademarks in foreign markets. Vietnam’s garment and textile sector has a high rate of domestic content which has risen from 30 percent in 2003 to nearly 40 percent in 2006, especially in the production of fabric and other material. Two years ago, Vietnam had to import synthetic fabric for production but from this year the country can meet 50 percent of the demand for this kind of fabric. Meanwhile, the country has many big projects to produce fabric, which can meet 30 percent of the sector’s demand for fabric. However, it will take time to move in this direction. Currently, the Government, the Ministry of Trade and Industry, and the Vietnam Garment and Textile Association have called for stronger investment in producing fabric and other materials in Vietnam.
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December 27th, 2007 at 3:52 pm
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