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Textile exports targeted at $27.5 billion

Released at: 09:01, 28/11/2015

Textile exports targeted at $27.5 billion

Export turnover to increase 11.3 per cent this year against 2014 with a localization rate of 51 per cent, Vitas Congress hears.

by Hoai An

Member of the Party Central Committee and Deputy Head of the Party Central Committee’s Commission for Economic Affairs, Mr. Pham Xuan Duong, said that Vietnamese enterprises, especially those in the textiles industry, must overcome barriers caused by loose connections and link more closely, while also utilizing advanced technology from overseas for the development of the sector.

In the period from 2011 to 2015 Vietnam’s exports of textiles and garments have overcome difficulties and maintained steady growth and stability. Total exports in the first nine months of 2015 reached $20 billion, up 10 per cent compared to the same period of 2014. In 2015 the target for export turnover is $27.5 billion, an increase of 11.3 per cent compared with 2014, with the localization rate to be 51 per cent.

The textiles and garments sector therefore exceeded the objective of reaching $14-16 billion in 2015 contained in the strategic development plan for textiles, where average growth was to be 14.74 per cent. The textiles sector is expected to become the country’s second-largest exporter, with Vietnam remaining among the Top 5 leading textile exporting countries.

In 2016 the sector aims to reach $31 billion in exports and $45- 50 billion in 2020. Total employees in the textile industry stand at 2.5 million and will rise to 2.8 million in 2016 and 3.3 million by 2020.

Chairman of Vietnam Textile and Apparel Associationf Vitas Vu Duc Giang said that in the next stage, when the TPP takes effect, tariffs on exported textiles to the US will be eliminated, which will also happen when the EU-Vietnam FTA comes into being.

“In the long term, these agreements will promote the development of the textiles industry, create jobs, attract investment into raw materials, dyeing and finishing, and boost competitiveness in the global textiles value chain,” Mr. Giang said.

Source: Vitas

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