ID :
39236
Wed, 01/07/2009 - 15:15
Auther :
Shortlink :
https://oananews.org//node/39236
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Falling demand may affect textile exports
Hanoi (VNA) - The textile and garment industry would have to make
great efforts to meet the 2009 export target of 9.2 - 9.5 billion USD,
said deputy director general of Vietnam National Textile and Garment
Group (Vinatex) Le Tien Truong at a press conference in Hanoi on
January 5.
This was because the world apparel demand was forecast to fall 15 percent.
The ongoing global economic slowdown would cause negative impacts on Vietnam
apparel products, especially high-end ones, Truong said.
To realise targets, producers would raise added value on their products via
remodelling technologies, improve management capacity and diversify markets, he
said.
However, Truong said: " Vietnam planned to become the fifth biggest textile
and garment exporter in the world by 2011. In the past, it has been listed in the
top ten".
In the context of global financial crunch, the industry earned 9.1 billion USD in
2008, some 400 million USD lower than earlier expectations.
"By August last year, we still believed that the estimated figure of 9.5 billion
USD was in our hands, but an unexpected volatility of the global economy from
inflation to downturn deteriorated Vietnam's apparel exports strongly and quickly
in the fourth quarter of last year," he said.
Orders from US importers dropped 20 percent in the fourth quater over the same
period of the previous year.
However, Vietnam 's apparel exports to the US - the country's biggest market
accounting for over half of the total export pie - still retained an 18 percent
growth rate, while exports from Mexico and China decreased last year,
Truong said.
Out of last year's 9.1 billion USD total export figure, Vinatex contributed
around 1.7 billion USD, up 21 percent from a year earlier.
In a move to perform better, Vinatex plans to make its initial public offering
(IPO) by the end of this year and start to evaluate corporate value in June.
"However, the exact time to make the IPO will depend on the specific
circumstances of the local economy and stock market," he said. - Enditem.
great efforts to meet the 2009 export target of 9.2 - 9.5 billion USD,
said deputy director general of Vietnam National Textile and Garment
Group (Vinatex) Le Tien Truong at a press conference in Hanoi on
January 5.
This was because the world apparel demand was forecast to fall 15 percent.
The ongoing global economic slowdown would cause negative impacts on Vietnam
apparel products, especially high-end ones, Truong said.
To realise targets, producers would raise added value on their products via
remodelling technologies, improve management capacity and diversify markets, he
said.
However, Truong said: " Vietnam planned to become the fifth biggest textile
and garment exporter in the world by 2011. In the past, it has been listed in the
top ten".
In the context of global financial crunch, the industry earned 9.1 billion USD in
2008, some 400 million USD lower than earlier expectations.
"By August last year, we still believed that the estimated figure of 9.5 billion
USD was in our hands, but an unexpected volatility of the global economy from
inflation to downturn deteriorated Vietnam's apparel exports strongly and quickly
in the fourth quarter of last year," he said.
Orders from US importers dropped 20 percent in the fourth quater over the same
period of the previous year.
However, Vietnam 's apparel exports to the US - the country's biggest market
accounting for over half of the total export pie - still retained an 18 percent
growth rate, while exports from Mexico and China decreased last year,
Truong said.
Out of last year's 9.1 billion USD total export figure, Vinatex contributed
around 1.7 billion USD, up 21 percent from a year earlier.
In a move to perform better, Vinatex plans to make its initial public offering
(IPO) by the end of this year and start to evaluate corporate value in June.
"However, the exact time to make the IPO will depend on the specific
circumstances of the local economy and stock market," he said. - Enditem.
