Vietnam Apparel Sector to Boost Input Material Production

Vietnam’s garment and textile sector will pay special attention to boost the country’s input material production in a bid to obtain annual production growth of 18 per cent by 2015, export growth of 20 per cent, said the Ministry of Industry and Trade.

 

To realize the target, the sector will require around US$7 billion, noted the ministry. The sector plans to raise investment via diversified sources from the stock market, foreign direct investment and private sectors.

 

Vietnam now relies heavily on imported apparel accessories including 95 per cent cotton, 70 per cent synthetic fiber, and 60 per cent of its thread demand, Vitas noted.

 

In the January-August period of this year, the country was estimated to import US$2.6 billion worth cloth, US$473 million of fiber and US$197 million of cotton. It exported around US$5 billion of apparel products, said statistics from the government’s General Statistics Office. (Youth, GSO August Edition)