Feb 2, 2013

Vietnam - Textile industry to earn $20 billion early

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If the export growth of Vietnam’s textile and garment industry remains between 12 and 15 per cent, the sector will reach its target of $20 billion in 2014 ahead of the 2015 deadline, according to the Vietnam Textile and Apparel Association (VITAS).

VITAS Vice Chairman Le Tien Truong said that despite a 5-10 per cent decrease in export prices in 2012, total exports still rose by 15 per cent.

The industry’s trade surplus was $8.4 billion last year as imported materials accounted for only $8.8 billion of the total export value of $17.2 billion, he added.

The textile and garment industry has already achieved its 2015 goal to source 50 per cent of raw materials domestically.

It expects to earn 18.8-$19.3 billion this year.


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