HA NOI (VNS)— Concerns have been raised over whether the garment and textiles industry would meet its annual export target of US$17 billion this year due to global economic hardships, according to the Viet Nam Garment and Apparel Association (Vitas).
|Clothes are made for export at Thanh Cong Garment Co in HCM City. The garment industry has generated just $13.78 billion from exports so far this year. — VNA/VNS Photo Van Khanh
Vitas vice chairman Pham Xuan Hong said that with an export turnover of $1.3 billion in November, down 3.4 per cent over the previous month, the industry had made just $13.78 billion year to date.
Hong said that orders from the country's main export markets had fallen significantly this year, with Europe dropping 15 per cent against last year.
Revenue also fell as buyers turned their attention from high-end products to mid-range items in an attempt cut costs, Hong said.
Exports to the EU market are expected to continue to slide next year, so Vitas has urged domestic firms to concentrate on opportunities in Japan, US and South Korea.
Several Japanese customers have already signed deals to increase imports, which Vitas hopes will offset losses from the EU.
Vitas said that exporters should find new customers instead of depending on traditional markets. The Ministry of Industry and Trade is also implementing trade promotion programmes to help exporters boost shipments to new markets such as Hong Kong, Thailand and Malaysia.
Vitas expected an increase of fibre exports to China, Turkey, the Middle East and Africa would also help to boost revenue. — VNS