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Textile, garment sector sets $9.5bil export target
Despite fluctuations in the global market, Vietnam's textile and garment sector has set an export target of US$9.5 billion for this year.
Speaking at a press meeting on Monday, the chairman of the Viet Nam Textiles and Apparel Association, Le Quoc An, said in the first half of the year, the sector had an export turnover of $4.2 billion, a year-on-year increase of 20 per cent.
An said the remaining $5.3 billion could be reached in the second half of the year as Vietnamese companies had won many contracts from importers.
Labour shortage
However, textile and garment enterprises have faced difficulties, including a labour shortage and access to bank loans, both of which are being blamed for a drop in profits.
An said in the first half of the year the Viet Nam Textile and Garment Group made a profit of VND119 billion ($7 million), only half of its target for the first six months of the year.
Meanwhile, price hikes and inflation had affected workers' living standards, leading to strikes and resignations. The sector is one of the nation's biggest foreign currency earners, making up 15 per cent of Vietnam's total export turnover.
Vietnam at present has more than 2,500 textile and garments businesses in operation. They employ about two million workers and create 100,000 new jobs annually.
To reach this year's targets, textile and garment companies have sought to expand beyond their traditional markets in Europe and the US.
An said Thai Tuan and Thai Thinh had entered the Middle East, and that Phuong Dong Co had entered the Czech Republic and South Africa, while other companies are seeking to enter other countries in Africa. During the Monday meeting, An announced the selection of a group of outstanding textile and garment producers for the year.
This is being organised by the association in co-operation with Thoi Bao Kinh Te Sai Gon (Sai Gon Economic Times) newspaper. It is the fifth such annual selection organised to honour the country's best performers in the industry.
The top 10
Ten excellent businesses will be chosen. Participants will register this month for the award ceremony, which is scheduled for September 19.
The top 10 producers will be evaluated through their business performance as well as predicted future competitiveness.
Other criteria used in selecting the companies include outstanding business results, good brand names, a stable labour force and competitive products for the domestic market.
VNN
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