Vietnam Apparel Exports to Meet Annual Target by Nov: Vitas Official
Vietnam’s textile and garment sector will fulfill its full-year export target of $10.5 billion by November, said Chairman and General Secretary of the Vietnam Textile and Apparel Association (Vitas) Le Van Dao.
The industry could earn more than $1 billion each month in the fourth quarter, according to the Vitas official.
September was the third consecutive month the industry fetched over $1 billion from exports, bringing the sector's total export value in the first nine months of 2010 to $8.04 billion, rising 20.6% on year, showed the General Statistics Office statistics.
Vietnam’s apparel exports to the U.S. increased 22.1% to $3.94 billion; to the EU +6.7% to $1.18 billion and to Japan +14.3% to $691 million in the nine-month period.
Pham Xuan Hong, Vitas deputy chairman, however noted prices of input materials are on the rise, making difficulties for the country’s biggest cash earner.
A ton of cotton has risen 45% from last year’s same period to $1,900-$2,000 while Vietnam’s textile and garment industry has to import up to 95% of its cotton.
Between January and September, the sector imported 260,000 tons of cotton and estimates that figure will reach roughly 370,000 tons by the year-end.
To get the added value, domestic garment exporters are seeking new sources from Japan and ASEAN countries in order to enjoy preferential taxes, in parallel with expanding program of cotton cultivation and human training. (VNS)
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