In the first five months of 2014, the textile and garment sectormaintained stable export growth compared with the same period last yearand continued to stand among the top sectors in terms of the exportvalue, the Vietnam Economic News reported.
According to the datareleased from the Ministry of Industry and Trade, in the first fivemonths of 2014, the export value of the textile and garment sectorreached 7.44 billion USD, a rise of 17 percent compared with the sameperiod last year. In terms of export value, textiles and garments rankedsecond, after telephones and components.
Textile and garmentexports to major, traditional markets remained stable. The US continuedto be the largest export market. In the first four months of 2014,Vietnamese textile and garment businesses earned 2.95 billion USD fromits exports to the US market, up 17.9 percent compared with the sameperiod last year. Japan market ranked second with 783 million USD andthe other large export markets were the Republic of Korea (570 millionUSD), Germany (205 million USD), and Spain (165 million USD).
Exportsto smaller markets impressively increased. For example, exports to theUnited Arab Emirates grew 131 percent; Mexico 62 percent; Hungary 80percent; Australia 45.3 percent; and Canada 31 percent.
Whilemany people concerned about the impact of the situation in the East Seaon the import of materials for domestic production, Cao Anh Dung,Director of the Light Industry Department of the Ministry of Industryand Trade, affirmed that since the beginning of this year, textile andgarment businesses had maintained stable export activities, and that theimport of materials for domestic production had continued to take placenormally via border crossings.
Hoang Ve Dung, Deputy GeneralDirector of the Vietnam National Textile and Garment Group, said therehad been no changes in the textile and garment material market, and manymember companies of the group continued to import materials from theChinese market.
In the first five months of 2014, the importvalue of materials for domestic textile and garment production stronglyincreased, for example cotton imports up 32.1 percent; fiber and yarnimports up 7.8 percent.
According to Hoang Ve Dung, to get readyfor making the most of opportunities from the Trans-Pacific PartnershipAgreement, large-scale domestic textile manufacturers have invested inexpanding production to increase supplies for the domestic market andgradually reduce imports.
Recently, the Century Synthetic FiberCorporation broke ground to build a new plant under the third-stageexpansion of its Trang Bang branch with total investment of 33.9 millionUSD. When it comes into operation, this plant will supply an additionalabout 15,000 tonnes of partially oriented yarn (POY) and 15,000 tonnesof drawn textured yarn (DTY) each year. In Quang Binh Province, theVietnam National Textile and Garment Group has carried out threeinvestment projects and will carry out four new projects with totalinvestment of about 4.8 trillion VND. These include large projects infields such as yarn production and cotton and gum tree planting.
Inthe time to come, the textile and garment sector will take theinitiative in intensifying trade promotion activities and continue toinvest in domestic fabric and yarn production to increase materialsupplies for domestic companies. The Vietnam Textile and ApparelAssociation has sent an official letter calling upon businesses to takethe initiative in seeking potential markets from which they can importmaterials such as Thailand, the Republic of Korea and Indonesia. Theassociation encouraged businesses to import yarn from Thailand,Indonesia and India and fabric from the Republic of Korea, Thailand andMalaysia to prevent heavy dependence on a single market.-VNA
According to the datareleased from the Ministry of Industry and Trade, in the first fivemonths of 2014, the export value of the textile and garment sectorreached 7.44 billion USD, a rise of 17 percent compared with the sameperiod last year. In terms of export value, textiles and garments rankedsecond, after telephones and components.
Textile and garmentexports to major, traditional markets remained stable. The US continuedto be the largest export market. In the first four months of 2014,Vietnamese textile and garment businesses earned 2.95 billion USD fromits exports to the US market, up 17.9 percent compared with the sameperiod last year. Japan market ranked second with 783 million USD andthe other large export markets were the Republic of Korea (570 millionUSD), Germany (205 million USD), and Spain (165 million USD).
Exportsto smaller markets impressively increased. For example, exports to theUnited Arab Emirates grew 131 percent; Mexico 62 percent; Hungary 80percent; Australia 45.3 percent; and Canada 31 percent.
Whilemany people concerned about the impact of the situation in the East Seaon the import of materials for domestic production, Cao Anh Dung,Director of the Light Industry Department of the Ministry of Industryand Trade, affirmed that since the beginning of this year, textile andgarment businesses had maintained stable export activities, and that theimport of materials for domestic production had continued to take placenormally via border crossings.
Hoang Ve Dung, Deputy GeneralDirector of the Vietnam National Textile and Garment Group, said therehad been no changes in the textile and garment material market, and manymember companies of the group continued to import materials from theChinese market.
In the first five months of 2014, the importvalue of materials for domestic textile and garment production stronglyincreased, for example cotton imports up 32.1 percent; fiber and yarnimports up 7.8 percent.
According to Hoang Ve Dung, to get readyfor making the most of opportunities from the Trans-Pacific PartnershipAgreement, large-scale domestic textile manufacturers have invested inexpanding production to increase supplies for the domestic market andgradually reduce imports.
Recently, the Century Synthetic FiberCorporation broke ground to build a new plant under the third-stageexpansion of its Trang Bang branch with total investment of 33.9 millionUSD. When it comes into operation, this plant will supply an additionalabout 15,000 tonnes of partially oriented yarn (POY) and 15,000 tonnesof drawn textured yarn (DTY) each year. In Quang Binh Province, theVietnam National Textile and Garment Group has carried out threeinvestment projects and will carry out four new projects with totalinvestment of about 4.8 trillion VND. These include large projects infields such as yarn production and cotton and gum tree planting.
Inthe time to come, the textile and garment sector will take theinitiative in intensifying trade promotion activities and continue toinvest in domestic fabric and yarn production to increase materialsupplies for domestic companies. The Vietnam Textile and ApparelAssociation has sent an official letter calling upon businesses to takethe initiative in seeking potential markets from which they can importmaterials such as Thailand, the Republic of Korea and Indonesia. Theassociation encouraged businesses to import yarn from Thailand,Indonesia and India and fabric from the Republic of Korea, Thailand andMalaysia to prevent heavy dependence on a single market.-VNA
