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Vietnam'S Textile Trade Surplus Reached US $6 Billion 500 Million.

2011/12/14 23:55:00 36

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Famous foods in South Africa

clothing

Retailer Woolworth (Woolworths) recently said that the company will vigorously develop the African market business outside Africa, and increase sales and growth in these regions.

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Ian Moir, chief executive of the company, said that

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Only 3% of them came from Africa outside South Africa. The company hopes to increase this proportion to 10% in the next 3 years.

In addition, the company plans to increase its total number of shops outside Africa to 120 by the end of 2014, and 120 new shops will be set up in Nigeria, Uganda, Mozambique and Angola.

Woolworth, headquartered in Cape Town, mainly sells food drinks, clothing and other household products. Since this year's stock exchange in Johannesburg is expected to reach US $13 billion 800 million this year, Vietnam's textile and clothing sector is still the largest foreign exchange revenue department in the country, "Li Jin Chang, vice president of the Vietnam textile and Garment Association, said.

Li said that despite the widening trade gap and the sharp fluctuations in raw material prices 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 Jin Chang said,

Spin

And the clothing department 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.

The three markets account for nearly 80% of Vietnam's total exports of textiles and clothing.

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.

Since its listing, the company's share price has increased by 52%.