Vietnam’s textile and garment industry is confident it can buck a downturn being felt in other sectors and has targeted US$10.5 billion in export value next year.
Le Quoc An, chairman of the Vietnam Textile and Apparel Association (Vitas), said the recovery of the world’s economy would allow exports to increase by $10.5 billion in 2010 from an estimated $9.1 billion this year.
Despite fears Vietnam’s garment and textile makers would be hit hard by the global economic downturn, the sector reported only a 1 percent drop in shipped goods over the first seven months of 2009.
Exports of garments and textiles generated $5 billion between January and July, only 1 percent less than during the same period last year, according to the Ministry of Trade and Industry.
In expectation of a poor year, the sector lowered its 2009 export target to $9.1 billion from the earlier target of $10 billion.
At present, the sector provides jobs for around 2 million workers, mostly in Ho Chi Minh City and Hanoi. It has targeted creating an additional 1.5 million jobs by 2010.
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