This year, the garment and textile industry set itself a turnover target of $ 15 billion, a 12 per cent increase against 2011. In the first five months this year, export turnover reached $ 5.3 billion or an increase of 7.7 per cent against 2011.
Export orders were down 30 per cent across the entire garment and textile sector. Small firms face closure due to larger firms’ competitive advantage. Big exporters benefited from free on board (FOB) shipping, where the buyer or seller pays transport and loading costs.
Meanwhile, imports of raw materials decreased both in volume and value. Imports of cotton dropped 33.7 per cent in value and 2.3 per cent in volume, while imports of fibre dropped by 29.3 per cent in value but were up 0.2 per cent in volume. — VNS
“In addition, if Myanmar opens its market, we will have tough competition,” said Viet Nam Textile and Garment Association General Secretary Dang Phuong Dung.
Deputy General Director of the Viet Nam Textile and Garment Group Hoang Ve Dung added that industry growth in the first five months dropped by almost 50 per cent over the corresponding period last year.
“Although this is often the most favourable time of the year for export, textile companies can hardly find new orders,” he said.