Visitors at the 2015 Vietnam Saigon Fabric and Garment Accessories Expo which opened yesterday in HCM City. The expo offers local firms opportinues to obtain the latest technologies in the industry. — VNA/VNS Photo Hoang Hai

HCM CITY (Biz Hub) — The 2015 Vietnam Saigon Fabric and Garment Accessories Expo (Saigon Tex) that opened yesterday offers local textile and garment firms an opportunity to get a close look at and obtain the latest technologies available globally.

It has attracted 655 firms from 21 countries and regions such as UK, India, Taiwan, Germany, Hong Kong, Korea, Italy, France, Sweden, and Thailand, a big increase from last year.

On their part, the exhibitors will have the chance to establish new contacts and explore business opportunities.

A series of seminars will be held on the sidelines of the event on topics such as preparations to be made by textile and garment businesses for the Trans-Pacific Partnership (TPP); rules of origin for textile and garment products to key export markets; and lean model in textile and garments.

Deputy Minister of Industry and Trade Ho Thi Kim Thoa told the inaugural ceremony that the garment and textile industry aimed to achieve local content rate of 60 percent this year and 70 per cent by 2020. At present the industry depended heavily on imports of raw materials, and increasing the local inputs rate was important since Viet Nam was currently negotiating some trade agreements, including the TPP.

The sector eyed an export target of $28 billion this year and $50 billion in 2020.

Hoang Ve Dung, deputy general director of Vinatex, said value addition by Vietnamese textile companies remained low since they mostly did processing and sub-contracting for foreign companies.

Organised by the Viet Nam National Textile and Garment Group in collaboration with the VCCI Exhibition Services Co. and CP Exhibition Co. at the Tan Binh Exhibition and Convention Centre, it will go on until April 12. — VNS