Govt Encourages US$31Bln Investment in Apparel Sector by 2020

The Vietnamese government is encouraging international and local companies to pump US$31 billion in the country’s textile and apparel sector to 2020, the Viet Nam News said Friday.

 

This is part of a strategy to develop Vietnam’s textile and garment industry by 2015, towards 2020 that has been approved by the prime minister recently.

 

Under the strategy, the apparel industry targets to generate revenues of US$14.8 billion in 2010, US$22.5 billion in 2015 and US$31 billion in 2020.

 

It also set a goal to obtain annual growth of 20 per cent in export for between 2008 and 2010 and 15 per cent for the 2011-2020 period, and a growth of 16 per cent-18 per cent and 12 per cent-14 per cent in annual output for the 2008-2010 period and the 2011-2020 period, respectively.

 

Vietnam now is home to more than 2,000 apparel businesses. The country’s textile and garment sector is expected to employ 2.15-3 million workers within 12 years. (VNS)