The Ministry of Commerce and Industry of Vietnam stated that although the monthly export value of the textile and garment industry in Vietnam is as high as US$1 billion, the US and the European Union have experienced economic turmoil and a tightening of consumption, which has caused the industry to face a crisis of short orders.
The vice president of the Vietnam Textile Association believes that the orders that can be obtained by the Vietnamese textile and garment industry from the United States and the European Union in the fourth quarter of 2011 (2011) will be reduced by 10-15%, and Vietnam's small and medium-sized garment and textile enterprises will be affected.
According to statistics, in the first nine months of 2011, the export value of Vietnam Textile Garments (2011) hit a record high of US$ 10.5 billion in four years. It is estimated that this year's export value will reach the export target of US$ 130-135 billion.
The large amount of capital required for raw material imports and salary are the biggest cost pressure faced by the textile and garment industry in Vietnam. This year's raw material imports amounted to 9.2 billion U.S. dollars, and the capital cost pressure of the industry deteriorated;
The rising wages of workers, which account for 65% of the cost of expenditures, also cause great difficulties for the operators.
The Vietnamese government intends to set the textile and garment industry as a sharp-edged export industry, and hopes to develop and improve the production capacity of cotton fabrics. It will annually produce 500,000 tons of cotton fabrics and create 2.75 million job opportunities.
At present, there are about 3,700 manufacturers in the textile and clothing industry in Vietnam, mainly in Hanoi and Ho Chi Minh City.
The vice president of the Vietnam Textile Association believes that the orders that can be obtained by the Vietnamese textile and garment industry from the United States and the European Union in the fourth quarter of 2011 (2011) will be reduced by 10-15%, and Vietnam's small and medium-sized garment and textile enterprises will be affected.
According to statistics, in the first nine months of 2011, the export value of Vietnam Textile Garments (2011) hit a record high of US$ 10.5 billion in four years. It is estimated that this year's export value will reach the export target of US$ 130-135 billion.
The large amount of capital required for raw material imports and salary are the biggest cost pressure faced by the textile and garment industry in Vietnam. This year's raw material imports amounted to 9.2 billion U.S. dollars, and the capital cost pressure of the industry deteriorated;
The rising wages of workers, which account for 65% of the cost of expenditures, also cause great difficulties for the operators.
The Vietnamese government intends to set the textile and garment industry as a sharp-edged export industry, and hopes to develop and improve the production capacity of cotton fabrics. It will annually produce 500,000 tons of cotton fabrics and create 2.75 million job opportunities.
At present, there are about 3,700 manufacturers in the textile and clothing industry in Vietnam, mainly in Hanoi and Ho Chi Minh City.
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