Vietnam\'s textile, garment sector sets $9.5b export target

Tag : garment importers
Despite credit crunch in the global market, Vietnam's textile andgarment sector has set an export target of US$9.5 billion for thisyear.

The chairman of the Viet Nam Textiles and Apparel Association, LeQuoc An, said in the first half of the year, the sector had anexport turnover of US$4.2 billion, a year-on-year increase of 20%.He said the remaining US$5.3 billion could be reached in the secondhalf of the year as Vietnamese companies had won many contractsfrom importers.

However, textile and garment enterprises have faced difficulties,including a labour shortage and access to bank loans, both of whichare being blamed for a drop in profits.

An said in the first half of the year the Viet Nam Textile andGarment Group made a profit of US$7 million, only 50% of its targetfor the first half of this year.

Meanwhile, price hikes and inflation had affected workers' livingstandards, leading to strikes and resignations. The sector is oneof the nation's biggest foreign currency earners, making up 15% ofVietnam's total export turnover.

Source: Viet Nam News