Vietnam spent 15.8 billion USD last year to import materials for thegarments and textiles sector, posting a 16 percent year-on-yearincrease.
Data from the Ministry of Industry and Trade showedthat the imported materials include cotton, fibre and fabrics. Of these,cotton imports were pegged at 743,000 tonnes, increasing 28 percentover 2013, with a total value of 1.4 billion USD. Imported cotton priceslast year were 1.95 USD per kilogram, 3 percent lower in comparisonwith the previous year.
The imports of fibre amounted to 1.6billion USD for 745,000 tonnes, representing 7 percent and 3 percentyear-on-year increases in terms of quantity and value for 2014 and 2013,respectively.
The country also spent 9.5 billion USD on fabrics,while the imports of other materials touched 4.7 billion USD,increasing 25 percent over 2013.
However, the Vietnam Textile andApparel Association (VITAS) said the import growth rate was lower thanexport growth despite the high import value.
Last year, thecountry earned 24.5 billion USD from exports of garments and textiles toforeign markets, posting a 19 percent year-on-year rise.
Ofthese, garment and textile exports to the United States touched 9.8billion USD; to Japan, 2.7 billion USD; and to the Republic of Korea, 2billion USD.
VITAS said Vietnam's garment and textile sector willsee favourable conditions due to the effects of the existing Free TradeAgreement (FTA).
The industry this year has targeted an exportturnover of 28 billion USD to 28.5 billion USD, increasing 4 billion USDto 4.5 billion USD over the last year. The United States is a promisingmarket with a turnover of more than 10 billion USD.
The VietnamNational Textile and Garment Group (Vinatex) claimed it expects toproduce 55 percent of the material for garments and textile products by2017.
Vinatex has invested 9 trillion VND in fabric production in several industrial parks with high productivity.
Thisis considered one of the strengths of the sector that will help it tapinto opportunities from upcoming FTAs as the pacts pay much attention tothe origin of fibre and fabrics.
In addition, the increasinglocalisation rate will also follow the strategy of improving the valueand position of the domestic sector in the global supply chain.-VNA
Data from the Ministry of Industry and Trade showedthat the imported materials include cotton, fibre and fabrics. Of these,cotton imports were pegged at 743,000 tonnes, increasing 28 percentover 2013, with a total value of 1.4 billion USD. Imported cotton priceslast year were 1.95 USD per kilogram, 3 percent lower in comparisonwith the previous year.
The imports of fibre amounted to 1.6billion USD for 745,000 tonnes, representing 7 percent and 3 percentyear-on-year increases in terms of quantity and value for 2014 and 2013,respectively.
The country also spent 9.5 billion USD on fabrics,while the imports of other materials touched 4.7 billion USD,increasing 25 percent over 2013.
However, the Vietnam Textile andApparel Association (VITAS) said the import growth rate was lower thanexport growth despite the high import value.
Last year, thecountry earned 24.5 billion USD from exports of garments and textiles toforeign markets, posting a 19 percent year-on-year rise.
Ofthese, garment and textile exports to the United States touched 9.8billion USD; to Japan, 2.7 billion USD; and to the Republic of Korea, 2billion USD.
VITAS said Vietnam's garment and textile sector willsee favourable conditions due to the effects of the existing Free TradeAgreement (FTA).
The industry this year has targeted an exportturnover of 28 billion USD to 28.5 billion USD, increasing 4 billion USDto 4.5 billion USD over the last year. The United States is a promisingmarket with a turnover of more than 10 billion USD.
The VietnamNational Textile and Garment Group (Vinatex) claimed it expects toproduce 55 percent of the material for garments and textile products by2017.
Vinatex has invested 9 trillion VND in fabric production in several industrial parks with high productivity.
Thisis considered one of the strengths of the sector that will help it tapinto opportunities from upcoming FTAs as the pacts pay much attention tothe origin of fibre and fabrics.
In addition, the increasinglocalisation rate will also follow the strategy of improving the valueand position of the domestic sector in the global supply chain.-VNA
