VN’s garment and textile eyes world’s Top 5

VGP - Việt Nam has stood among ten largest garment and textile exporters in the world. It is striving to be included in the Top 5. From now until 2015, the sector will focus on two key tasks: developing human resource and building material supply zones.

February 10, 2009 3:27 PM GMT+7

The sector strives to grow 16-18% in production and 20% in export during 2008-2010

According to Việt Nam’s garment and textile development strategy to 2015 and visions to 2020, which was approved by the Prime Minister, the industry will thrive towards specialization and modernization, making a giant leap forward in product quality and quantity.

The strategy sets a target revenue of US $14.8 billion by 2010, US $22.5 billion by 2015 and US $31 billion by 2020.

During the 2008-2010 period, the sector tries to grow 16-18% in production and 20% in export.

In the following decade (2011-2020), these figures will be 12-14% and 15% respectively.

The Việt Nam National Garment and Textile Group (Vinatex) said that a large investment is poured in promising products which can lure capital sources.

The sector also adopted programs to produce 1 billion meters of cloth for exports and to grow 40,000 ha of high-yield cotton by 2015.

To develop material supply zones for production and exports, Vinatex and its enterprises need to invest about VND 6.5 trillion to grow cotton and produce synthetic fibers. Accordingly, the localization rate of input materials will increase from the current 30% to 50% by 2010 and 60% by 2015.

At the same time, wholesale centers of garment and textile materials and accessories will be built.

By 2010, the industry will train 3,000 senior managers, 8,000 marketing and financial officers, 8,000 engineers and designers, and 270,000 technical workers.

At present, garment and textile industry is Việt Nam’s key economic sector, taking the lead in export turnover.

By Ngọc Vân