Vietnam'S Textile And Garment Trade Surplus Amounted To US $6 Billion 500 Million.

With exports expected to reach US $13 billion 800 million this year, Vietnam's

However, Li said that textile and

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 materials, equipment and machinery to save money.