Vietnamese Textile Industry Maintain Its Growth Momentum in Second Quarter of Current Year

Vietnamese textile industry will maintain its growth momentum in second quarter of the current year, according to the Vietnam Textile and Garment Group (Vinatex).
 
Vietnamese textile and garment exports to the US, Japan and South Korea have grown by more than 25 percent year-on-year, during the first quarter of 2013, while exports to the EU increased by 13 percent year-on-year, Vinatex deputy general director Le Tien Truong said in an online conference of the Ministry of Industry and Trade (MOIT).
 
The Vietnamese textile and clothing industry has received strong orders from top apparel and textile importers, and is likely to grow by more than 20 percent during the second quarter, he said.
 
As a result of good production and orders, income of workers in the garment and textile sector would increase, Mr. Truong added.
 
In the first quarter, Vinatex’s production of textile and clothing rose by 21 percent due to sharp increase in orders, plus the firm’s better preparedness for more production and exports.
 
Vinatex’s inventory fell by 4 percent year-on-year at the end of the first quarter, which also provides impetus for further growth in the second quarter.
 
Meanwhile, consumption has declined in Vietnam’s domestic market and hence, nearly all companies in the sector would have to count on their exports to offset the declining domestic sales.
 
MOIT requested Vinatex to strengthen trade promotion activities in domestic market, support innovative production techniques, and participate in the “Buy Vietnamese Goods” campaign to boost domestic consumption of Vietnamese textiles and garments.
 
According to Vietnam Textile and Apparel Association (VITAS), exports of garments and textiles from Vietnam increased by 16 percent year-on-year to US$ 4.2 billion, during the first quarter of the current year.