Garment Sector to Seek US$3Bln for Development by 2010

Vietnam will seek around US$3 billion in capital from foreign investors, investment funds and partly from the stock market to develop its garment and textile sector between now and 2010.

 

Of the sum, US$180 million is for textile material development projects, US$2.275 billion for textile dyeing projects, US$443 million for garment projects and some US$200 million for trade and training and trade centers.

 

Under the plan for garment and textile sector development until 2015, a vision to 2020, the sector targets to become one of the key industries in the country with a high export value.

 

The sector also aims for an annual export growth of 10-12 per cent in the period with its major export markets being the US, Japan and Europe. It expects to earn US$15 billion from exports in 2015, nearly three times higher than this year’s anticipated figure of US$5.5 billion and US$4.8 billion last year. 

 

Vietnam, which was ranked 16th out of 153 garment exporters worldwide last year, is likely to become the 10th largest garment exporter in the world by 2010.