Viet Nam makes $20.4 billion in textile exports

Tuesday, Jan 14, 2014 14:55

Viet Nam has 60 per cent materials locally made.— Photo Vinatex.com
HA NOI (Biz Hub) — Viet Nam gained an export turnover of US$20.4 billion in 2013, according to Vietnam Textile and Garment Group (Vinatex).

This was an increase of 18 per cent over 2012. It's the first time the local textile industry has exceeded the figure of $20 billion in exports. In the context of declining textile consumption globally, it is an encouraging development, according to Le Tien Truong, Vinatex's Standing Vice President.

Meanwhile, Vinatex's revenue reached VND45.6 trillion ($2.17million) last year, an increase of 12 per cent over 2012. The group's exports reached $2.9 billion, a 12 per cent growth over 2012.

The group increased its rate of localisation of materials to 60 per cent, with efforts made to invest in and build a chain of materials within the group's companies.

According to Truong, the group has a target of 12 per cent growth in revenue and export turnover in 2014, and aims to implement production under ODM or self-Original, Design, Manufacture to work with the possible TransPacific Partnership (TPP) and Free Trade Agreement (FTA).— VNS

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