The Vietnam National Textile and Garment Group (Vinatex) will implement 24 major projects with the combined investment capital of VND16,115 billion (US$1.01 billion) between now and 2010.
The move is to help turn Vietnam into one of the ten biggest garment and textile exporters in the world by 2010.
The projects will be allocated into four fields including materials, developing the textile sector, developing and expanding garment and textile production, building distribution systems, raising the capability of fashion research, training and design, and infrastructure.
The field in which the most projects will be run is developing the textile sector with the target to produce 302 million sq.m of shuttle garment, of which 190 million sq.m will be for export and 106 million sq.m of knitted garment with 81 million sq.m for export by 2010.
Vinatex will cooperate with localities and foreign and private enterprises to build a 1,000 ha farm for growing cotton in the southern central region, to manufacture 140,000 tons of fibre per year, as well as to build new factories and relocate existing ones to industrial zones in the northern and southern deltas and the central coastal region.
In addition, the group will also build a supermarket outlet for garments and textiles and two centers for trading raw materials in Hanoi and Ho Chi Minh City.
Under the garment and textile development strategy until 2015, towards 2020, the Ministry of Industry will pour investment into the garment and textiles sector to develop it into a spearhead for export by 2015.
The ministry will invest some $3 billion into developing the garment and textiles sector through to 2010. Of the sum, $180 million will be spent on materials; $2.27 billion on textile and dying projects; $443 million on garment projects and $200 million on trade centers and personnel training. The capital will be sourced from foreign investors, loans from investment funds, land funds and the securities market.
Vietnam strives to obtain garment and textile exports of $9-10 billion in 2010 and $15 billion in 2015.
In the first four months of this year, the country earned $1.74 billion from the outbound sales of the products, witnessing an on-year increase of 38.7 per cent. The figure for the whole year is expected to surpass $5 billion, compared with $4.84 billion last year.
Last year, Vietnam was ranked 16th out of 153 garment exporters worldwide.
Vietnam & World Economy
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