The Vietnam textile and garment industry firms have started large projects to expand their production and receive new business opportunities this year. So far, many enterprises have signed export contracts to be completed by the third quarter of this year, the Ministry of Industry and Trade said.
It export value in the first two months of 2014 reached US$3.2 billion a year-on-year increase of 30.1 per cent.
Many Vietnam textile firms have signed export contract and also invested in their production line this year.
Vietnam Textile and Garment Group (Vinatex) general director Tran Quang Nghi said that the export products of Vinatex has reduced the use of import materials and increased products with design. By do this it not only increased the export value but also increased the added value of the products.
The improvement of the quality of production and business is a key task of Vinatex this year, according to the general director. The group expects to gain a year-on-year increase of 12 per cent in export value this year.
Vinatex will promote its investments in developing materials and sub-materials this year, including solid-dyed cloth and yarn-dyed cloth, to increase the localisation rate of its products. That is one of key conditions to get more export opportunities under the Trans Pacific Partnership (TPP) Agreement.
In 2013, Viet Nam's textile and garment industry gained US$20 billion in export value, representing a year-on-year increase of 18.6 per cent to reach $17.9 billion for textile and garment exports and a 15.7 per cent rise to reach $2.1 billion for fibre products. The industry held a trade surplus of $5.12 billion last year, with imports of raw materials estimated at $14.88 billion.
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