Vietnamese apparel firms receive full orders until March
Garment and textile enterprises have received enough orders to keep them busy through the first quarter of this year, said the General Director of the Vietnam National Textile and Garment Group.
Hanoi (VNA) – Garment and textile enterpriseshave received enough orders to keep them busy through the first quarter of thisyear, said Le Tien Truong, General Director of the Vietnam National Textile andGarment Group (VINATEX).
At a press conference onJanuary 9, Truong said that in 2017, the group targets a rise of 11 percent inexport turnover, 14 percent in production value, and 12 percent in revenue.
He predicted that thisyear, Vietnam’sgarment and textile sector will face numerous challenges, including a lack ofsupport in taxation policies as several important trade deals such as theEU-Vietnam free trade agreement and the Trans-Pacific Partnership, will not becomeeffective in 2017.
Competition will become fierceras other countries will continue attracting orders thanks to their advantagesin tax and exchange rate, he said, adding that the instability in the EUeconomy will also affect the industry.
Last year was gloomy forthe world apparel sector. Major importers, including the US, the EU and Japan experienced low or decreaseddemand for garment and textile products, he noted.
Vietnam’s apparel also saw under-expectation result with 28.3billion USD in export, up 5.7 percent year on year. VINATEX earned over 2.5 billionUSD, a rise of 5 percent over 2015, with a pre-tax profit of over 41 trillionVND on a 5 percent year on year increase. Its employees’ average income rose 8percent over the previous year to reach 6.7 million VND per month.
Truong also said that theresults showed the great efforts of the sector, as Vietnam recorded highergrowth than major competitors such as China, India, Bangladesh and Indonesia.-VNA
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Illustrative image (Source: VNA) 
