Vinatex hit USD 18bn export revenue in first 9 months

Vietnam National Textile and Garment Group (Vinatex) largest apparel manufacturer and exporter of Vietnam have hit 18 billion US dollars export revenue in the first nine month of this year, a 19 percent increase year-on-year.

According to a report posted on Vinatex’s website on Wednesday, during the period, the group alone pocketed some 2.36 billion U.S. dollars from exporting garment, up 16 percent year-on-year.

As a result, there is high possibility that Vietnamese garment exports will bring the country 24 billion U.S. dollars in 2014, said Hoang Ve Dung, deputy director of Vinatex.

In order to attract more customers, Vietnamese garment and textile companies need to overcome challenges of labor productivity and material supply.

Vietnam needs to increase labor productivity of its worker which is currently stand as low as 50 percent of one Chinese worker and 40 percent of the one in Indonesia, Thailand and the Philippines among others.

Vietnamese garment producers should also start to seek for material sources from other countries in the Association of Southeast Asian Nations (ASEAN), Trans-Pacific Partnership (TPP) members and domestic supplies as of now major material supplies from China.