Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates

Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

Garment exports on target   2010-10-05 - Viet Nam News

The textile and garment industry will meet its annual export target of US$10.5 billion by November, said vice chairman and general secretary of the Viet Nam Textile and Apparel Association (Vitas) Le Van Dao.

Workers make clothes for export at a factory in the northern province of Ninh Binh. The textile and garment industry is on track to reach its annual export target of US$10.5 billion by November. (Photo: VNS)

Dao estimated that the industry would earn more than $1 billion each month in the fourth quarter.

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 per cent, according to the General Statistics Office.

Dao said many garment exporters had orders for the end of this year and even for the beginning of next year.

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

Exports to North Korea surged 64 per cent thanks to the impact of its Free Trade Agreement with ASEAN.

However, Pham Xuan Hong, Vitas deputy chairman, said the garment industry was facing a shortage of labour and an increase in the price of transport and power.

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 per cent since the same period last year to $1,900-2,000 while the industry has to import up to 95 per cent 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.

Hong said garment exporters were seeking new sources from Japan and ASEAN countries in order to enjoy preferential taxes.

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.

Other news

Gold may climb to 33 million dong per tael   2010-10-05

BUSINESS IN BRIEF 5/10   2010-10-05

Supermarkets promote web-based sales   2010-10-05

Small FIEs in HCM City expand investment scale   2010-10-05

Footwear industry submits strategy   2010-10-04

Developers eye second-home market   2010-10-04

US reduces dumping duties on shrimp   2010-10-04

Data leaves markets uncertain   2010-10-04

Pepper exporter joins Singapore exchange   2010-10-04

BUSINESS IN BRIEF 4/10   2010-10-04

Labour market scorching hot   2010-10-04

Garment, footwear exporters pocket modest profits   2010-10-04

With yen appreciation, Vietnam ODA debts rise   2010-10-04

Diamond Blue brand conflict heating up   2010-10-04