Vietnam Intends To Squeeze The Top Five In World Garment And Textile Production

According to the Vietnam business Tribune, Vietnam plans to squeeze the top five in the world's apparel and textile production in 2015.

According to the development plan of the garment textile industry, from 2008 to 2010, the output value of the whole industry will increase by 16 to 18%, and the export growth is 20%. From 2011 to 2020, the annual output value of the industry will increase by 12 to 14%, and the export growth is 15%.

In 2010, the total business revenue will reach US $14 billion 800 million, reaching US $22 billion 500 million in 2015 and US $31 billion in 2020.

It is reported that in the first half of 2008, the export of apparel textiles exceeded US $4 billion 200 million, of which US $2 billion was exported to the United States.

It plans to export $9 billion 500 million for the whole year, of which US $5 billion 500 million is exported to the US.

According to reports, the United States is Vietnam's largest export market for clothing and textiles, followed by the European Union and Japan.

At present, the production of garment textiles is mainly foreign-funded enterprises, accounting for 75%, private and joint-stock enterprises account for 25%, and state-owned enterprises account for only 5%.

The main difficulties faced by Vietnamese textile industry are: over 80% of raw materials and excipients are dependent on imports; production is dominated by processing, accounting for 65% of the total output value; clothing design is backward, without independent brands, and shortage of skilled workers and executives.