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Good news for textile and garment sector
With the global economy recovering from recession, there has been a surge in the number of orders received by Vietnamese textile and garment businesses, most of which last until the end of the first quarter, even the second quarter.
Some major businesses report that the number of orders in 2010 is much larger than in 2009 to make it possible for them to pick the most financially beneficial ones.
To fill these orders, the Ministry of Industry and Trade has asked the textile and garment industry to increase productivity by about 12 percent against 2009 and export US$10-10.5 billion worth of products this year.
Le Tien Truong, Vice Director General of the Vinatex Group, attributes these positive trends to the dynamism of local manufacturers, who have made an all-out effort to seek new markets, including smaller ones such as Turkey, the Middle East, Africa, and Eastern Europe. He says that Vietnamese businesses in this sector are even able to export some materials, such as cloth and polyester fibre.
Apart from casual clothes, Vietnamese businesses have increased the volume of new textile and garment exports, such as silk products, shipped to even fastidious markets.
The International Monetary Fund has predicted the world’s GDP growth at about 2.2 percent in 2010 – which would give a boost to the purchasing power of markets like the US, Europe and Japan.
However, the industry cannot be overoptimistic as it has difficulty coping with some challenge arising from an unstable workforce.
Additionally, the sector will be put under increasing pressure from the US’s Consumer Product Safety Act (CPSA), which requires manufacturers to be held responsible for any damage to consumers.
In the face of these difficulties, the Ministry of Industry and Trade has approved a project to build state-of-the-art laboratories to test the quality of textiles and garments.
In 2010, the Vinatex group will invest more than VND1,100 billion in an effort to make a breakthrough in both technology and productivity. It will also forge stronger links with import-export businesses and restructure the supply of input materials to raise the local content of its products by moving some factories to boroughs and other rural areas that are convenient for both transport of products and trade development.
Last but not least is to constantly improve its competitiveness and produce more fashionable goods at a higher value.
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