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Textile, garment exporters sew up $1 billion per month
The textile and garment industry is expected to continue earning about US$1 billion per month from exports for the last two months of the year to surpass its initial 2010 target by about $500 million, according to the Ministry of Industry and Trade.
October was the third consecutive month the industry fetched more than $1 billion from exports, bringing its total export value up to $9.2 billion in the first 10 months of the year, up 23 per cent against the same period last year.
Nguyen Son, Deputy General Secretary of the Viet Nam Textile and Apparel Association (Vitas) said, "2010 is a good year for the industry as demand from big markets rebounded after the global economic crisis. Based on recently signed orders and positive growth, the sector will likely rack up a total export turnover of $11 billion for the whole year, about $500 million higher than its initial target."
In particular, the EU - one of Viet Nam's the largest garment importers - reached more than 7 per cent growth in October whereas its imports were stagnant in the early months of the year. Japan saw 14 per cent growth last month and imports from Russia have also increased.
The Viet Nam National Textile and Garment Group (Vinatex) exported $1.6 billion in textiles and garments in the first 10 months, rising 19 per cent from the corresponding time last year.
Many foreign partners have shifted orders from China to Viet Nam. Due to the high potential for sector growth in Viet Nam, investors from mainland China, Taiwan and Hong Kong have been seeking investment opportunities to take advantage of lower salaries and land rent, according to Vitas.
As a result, contract prices have risen 15-20 per cent since last year.
The garment industry was hurt by a shortage of labour and the increased prices of input raw materials like cotton and polyester fibre on which Viet Nam depends greatly, Vitas reported.
The price of cotton in the global market has doubled to $3.05 per kilo against the average price over the past year.
To ease reliance on imports, the Government has mapped out strategies to develop support industries for local production.
The sector usually ranks among the country's top foreign currency earners, contributing about one fifth of Viet Nam's total export turnover every year. The industry expects to earn $19 billion by 2015 and $25 billion by 2020.
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