Garment and Textile Sector Targets US$15 Billion of Export Turnover in 2012

In spite of the latent challenges of the world’s economy, the local garment and textile sector sets a target of earning an export turnover of US$15 billion in 2012, a year-on-year increase of 10-12 percent, said the Vietnam Textile and Apparel Association (Vinatas).

 

Garment and textile topped the country’s total export turnover with a 17 percent share. While the national economy met difficulties, trade deficit rose sharply and prices of garment and textile materials always changed, the local garment and textile sector still achieved a trade surplus of USD 6.5 billion in 2011, an increase of USD 1.5 billion from 2010.

 

The US, the EU and Japan are expected to be the major export market of Vietnam’s garments and textiles with 80 percent of the sector’s total export turnover.

 

However, as forecast, Vietnam’s garment and textile exports in 2012 will face challenges because of difficulties in macro-economy, impacts from the world’s economic downturn which saw no recovery signs, continuous public debt in some European countries and especially the trend of lowering prices of orders this year which will possibly make the country’s export turnover growth to major markets decrease by 10-15 percent from 2011.

 

Aiming to fulfill the target of USD 15 billion of export turnover, in 2012, the local garment and textile sector will speed up the use of P.E fibre supplied by local businesses, intensify the use of made-in-Vietnam machines and devices to save money, intensify the area available for cotton plantations to 15,000 hectares in 2012 and implement a treatment policy and suitable salaries to attract more workers.