Updated  
January, 07 2014 09:38:01

Textile exports forecast to grow

Garment products being made at a knitting textile and garment company in Phu Bai Industrial Zone. The textile and apparel industry expects strong growth this year. — VNA/VNS Photo Danh Lam

HA NOI  (VNS) — The Viet Nam Textile and Apparel Association (VITAS) expects the export value of the textile and apparel industry to show strong growth this year, an official of the association said.

Le Tien Truong, VITAS' deputy chairman, told online news ven.vn that according to the global economic forecasts by the World Bank and the International Monetary Fund, the world economy's outlook is expected to improve in 2014, as large economies, such as the US, the EU, Japan and South Korea, have seen recovery.

An improving global economy will be favourable for Viet Nam, in general, and the local textile and garment industry, in particular, because the county will be able to boost its level of exports to the international markets, he said.

Therefore, the exports of textile and apparel by value could rise 12 per cent in 2014 from the previous year, he added.

To reach that target, the export industry will have to continue implementing its solution systems, which have ensured, thus far, that the industry has not remained backward, Truong noted.

Hence, the industry focuses on quality, price, the speed of supplying products to the market and the ability to provide customer care services, which are likely to ensure the nation's exports retain their competitive edge.

Truong said 2013 was a successful year for Viet Nam's textile and garment industry as exports rose to US$20 billion.

That represents a year-on-year increase of 18.6 per cent to $17.9 billion for textile and garment exports and a 15.7 per cent surge to $2.1 billion for fibre products.

The Viet Nam Textile and Garment Group had reported a gain of 11.2 per cent from 2012's figure to $2.91 billion in 2013.

The industry boasted a trade surplus of $5.12 billion last year, with imports of raw materials estimated at $14.88 billion. Local demand for textiles and apparel also increased 12 per cent, he added.

Truong noted that an accurate market forecast is important for the success of the industry as it provides a framework for enterprises to base their production and business plans.

Garment exports went up 13 per cent to the US and Japan each, while they expanded 30 per cent to $1.3 billion to South Korea.

The industry also has a strong potential to export products to the EU market. Every year, the EU spend around $250 billion to import the staple, while Viet Nam's exports to the EU were estimated at about $2.4-$2.5 billion last year.

That means Viet Nam has a small market share in the EU, and the EU will, therefore, continue being an important destination for Viet Nam's textile and garment exports in the future. Additionally, garment and textile exporters are paying increasing attention to two other large markets, India and the Middle East, Truong said. — VNS



Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Woman steps up in fight to tackle drugs 1    Woman steps up in fight to tackle drugs

Since for Le Thi Nga "to live is to give," she thought nothing about joining the neighbourhood watch in her fourth quarter in District 1's Cau Kho Ward in 2009.

Tan Son Nhat Airport on verge of overloading 1    Tan Son Nhat Airport on verge of overloading

HCM City's Tan Son Nhat Airport will be stretched beyond capacity in the next two years, making construction of the new Long Thanh airport in Dong Nai Province more urgent than ever, experts warn.

BIDV teams up with Japanese banks to facilitate investment BIDV teams up with Japanese banks to facilitate investment

The Bank for Investment and Development of Viet Nam (BIDV) has signed a memorandum of understanding (MoU) with two Japanese banks, namely Minato Bank and the Bank of Yokohama (BOY).

My Lai survivor writes book My Lai survivor writes book

Pham Thanh Cong, 57, was one of only a dozen survivors of 1968's infamous My Lai massacre. More than four decades later, he has written a book about the mass murder, in which American soldiers killed 504 unarmed civilians.

Imported brews, grub at Ha Noi's Oktoberfest Imported brews, grub at Ha Noi's Oktoberfest

A celebration of Germany's Oktoberfest will be held in Ha Noi on Thursday and Friday.