Illustrative image (Source: VNA) Hanoi (VNA) –Vietnam’s textile and garment exportsthis year are estimated to reach 28.5 billion USD, meeting roughly 92 percentof the set plan due to market difficulties, the Vietnam Textile and ApparelAssociation (Vitas) reported.
According to the association, the industry’s largest exportmarket in 2016 remains China, which accounts for more than half of theindustry’s export value.
Exports to the US this year are also estimated at 11.4 billionUSD, up 4 percent against last year.
The EU, Japan, India, Brazil, Russia and Canada were also largeimporters of Vietnam’s textile and garments in 2016, the association reported.
The association attributed the low export turnover to a lack ofexport orders in 2016 due to fierce competition from foreign textile andgarment producers, while global demands declined.
Hoang Ve Dung, Chairman of the Duc Giang Garment and TextileCorporation, said obtaining orders had become more complicated, demandinghigher quality and moving forward delivery deadlines.
Nguyen Xuan Duong, Chairman of the Hung Yen Garment Joint StockCorporation, said that importers asked his company to lower selling prices by18-20 percent, and even 30 percent. However, several still found partners whowere less expensive in other countries.
Increasing production costs, limited orders and pressure byexporters to reduce selling prices have placed a burden on the corporation, Duongsaid.
Experts said that the textile and garment sector would continue facingchallenges in 2017 due to fierce competition by other major exporters –including China, India, Bangladesh and Pakistan –while global demand isforecast to slow down.
Le Tien Truong, General Director of the National Garment andTextile Group (Vinatex), said textile and garment exports to the US and the EUwill also see negative impacts, as consequences of Brexit and USPresident-elect Donald Trump, who opposes the TPP trade pact.
Therefore, the sector anticipates an export growth rate of just5-7 percent next year, if no appropriate policies are enacted, Truong said.
Vitas Chairman Vu Duc Giang that it made several proposals tothe Ministry of Industry and Trade (MoIT) to support local industry, includingstrengthening management of both domestic and foreign investment projects inthe industry, reviewing policies on minimum wage increases and working hours.
The association also asked for adjustments to the sector’s developmentand assistance in human resources training.
In addition, Vitas proposed that the MoIT review and reviselegal documents causing difficulties for garment and textile businesses. - VNA
According to the association, the industry’s largest exportmarket in 2016 remains China, which accounts for more than half of theindustry’s export value.
Exports to the US this year are also estimated at 11.4 billionUSD, up 4 percent against last year.
The EU, Japan, India, Brazil, Russia and Canada were also largeimporters of Vietnam’s textile and garments in 2016, the association reported.
The association attributed the low export turnover to a lack ofexport orders in 2016 due to fierce competition from foreign textile andgarment producers, while global demands declined.
Hoang Ve Dung, Chairman of the Duc Giang Garment and TextileCorporation, said obtaining orders had become more complicated, demandinghigher quality and moving forward delivery deadlines.
Nguyen Xuan Duong, Chairman of the Hung Yen Garment Joint StockCorporation, said that importers asked his company to lower selling prices by18-20 percent, and even 30 percent. However, several still found partners whowere less expensive in other countries.
Increasing production costs, limited orders and pressure byexporters to reduce selling prices have placed a burden on the corporation, Duongsaid.
Experts said that the textile and garment sector would continue facingchallenges in 2017 due to fierce competition by other major exporters –including China, India, Bangladesh and Pakistan –while global demand isforecast to slow down.
Le Tien Truong, General Director of the National Garment andTextile Group (Vinatex), said textile and garment exports to the US and the EUwill also see negative impacts, as consequences of Brexit and USPresident-elect Donald Trump, who opposes the TPP trade pact.
Therefore, the sector anticipates an export growth rate of just5-7 percent next year, if no appropriate policies are enacted, Truong said.
Vitas Chairman Vu Duc Giang that it made several proposals tothe Ministry of Industry and Trade (MoIT) to support local industry, includingstrengthening management of both domestic and foreign investment projects inthe industry, reviewing policies on minimum wage increases and working hours.
The association also asked for adjustments to the sector’s developmentand assistance in human resources training.
In addition, Vitas proposed that the MoIT review and reviselegal documents causing difficulties for garment and textile businesses. - VNA
VNA
