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Garment exports top estimates in first quarter
The country's exports of garments and textiles surged to higher than expected in the first quarter of the year to reach roughly US$2.25 billion, up 18 per cent over the same period last year, according to the Viet Nam Textile and Apparel Association.
The association had forecast that the industry would hit $2.16 billion in the first three months.
The association attributed the high growth to the global economic recovery, prompting orders to increase.
The association's Chairman Le Quoc An expected that industry growth would continue throughout the year as many domestic apparel exporters have had large orders up to the third quarter. Some had even received orders for the year end.
An said that apparel producers and exporters were increasing production to meet the deadlines for these orders.
With Q1's results, An forecast that the industry would meet its export target of $10.5 billion this year, up 12 per cent over last year.
To meet the target, the apparel industry is focusing on revamping production to reduce production costs and the application of advanced technology to raise productivity and competitiveness.
However, An admitted that the industry must address the shortage of workers quickly, particularly at industrial parks and export processing zones.
To deal with the shortage, An said, the association would continue to encourage its members to relocate their factories to provinces and rural areas where they could employ more workers.
The apparel industry last year was among the country's major export earners despite the impacts of the global economic slowdown. It earned the country $9 billion, a decrease of 1.3 per cent over the previous year. The US last year remained the largest importer of Viet Nam's garment and textiles with an import turnover of $4.9 billion, making up 55 per cent of the industry's export revenue.
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