This Year, Vietnam's Textile And Garment Industry Has An Export Target Of US $9 Billion 500 Million.

The financial crisis and labor shortage have become the agenda of Vietnam. Despite the cowardice of the environment, Vietnam's textile and garment industry still set this year's export target at US $9 billion 500 million.

Mr Le Quoc An, President of the Vietnam textile and Garment Association, said at a news conference in July 7th that the textile and garment industry completed the export amount of US $4 billion 200 million in the first half of this year, an annual increase of 20%.

According to his statement, Vietnam has entered into partial contracts with importers, so Vietnam's completion of the remaining $5 billion 300 million export task in the second half of this year should not be particularly difficult.

However, we can not ignore the shortage of labor force and the lack of bank loans, which are eroding the profits of enterprises.

In January 2008 -6, Vietnam's textile and Garment Group's profit was 11 million 900 thousand Dong Dong, or 7 million dollars, just half of the group's first half year target.

In addition, price increases and inflation have exacerbated the difficulties faced by workers, forcing them to strike or to resign entirely.

The textile and garment industry is Vietnam's largest foreign exchange earning industry, accounting for about 15% of Vietnam's total exports, but the textile and garment industry can not sustain itself in such an environment.

At present, Vietnam has more than 2500 textile and garment enterprises in operation. They employ about 2 million workers and create about 100000 jobs each year.

If the textile and garment industry is to achieve its goals this year, they must turn to the Middle East, Czech, South Africa and other countries' markets from the highly dependent traditional markets of the US and Europe.