Vietnam's Trade Surplus In Textiles And Clothing Reached $6 Billion 500 Million.

With the volume of exports expected to reach US $13 billion 800 million this year, Vietnam's textile and clothing The Department is still the largest foreign exchange revenue department in the country, said Li Jin Chang, vice president of the Vietnam textile and clothing association.

Li said that although the trade gap between countries is widening, Raw material Prices fluctuated sharply. This year, the textile and clothing sector still managed to achieve a trade surplus of US $6 billion 500 million, which is 1 billion 500 million US dollars higher than last year.

However, Li said that the textile and clothing sector is still concerned about maintaining such a high growth rate next year, because its main export markets are the decline in the fabric economy of the United States and the European Union and Japan, especially the ongoing euro zone debt crisis. These three market It accounts for nearly 80% of Vietnam's total textile and clothing exports.

Next year, exports of textiles and clothing will face many challenges, which is the result of the global economic downturn, especially the debt crisis in the euro area, Li said.

On the domestic market, Li said that high inflation is still a major obstacle to textile and clothing businesses. Although the government's goal is to control inflation below 10% next year, the inflation rate is still constant enough to threaten business. Some of the costs, such as electricity, water, fuel and labor wages, will increase machinery and negatively affect the operation and growth of the textile and garment sector. Funding will be another challenge. Most commercial units have been able to endure the lack of funds to maintain production. In addition, although lending rates fall to 16-19% per year, not all commercial units are able to obtain these sources of funding.

Li said that the goal of the textile and garment sector was to achieve export revenue of US $15 billion in 2012, an increase of 12% over this year. To achieve this goal, the textile and garment sector will increase the localization ratio. In particular, the textile and clothing sector has increased the amount of polyethylene fiber available to Vietnamese commercial units, rather than using imported fibers, which will help to save $300 million annually. Local businesses have been encouraged to use domestic raw materials, equipment and machinery to save costs.