In the first half of this year, apparel businesses faced many obstacles and challenges. Two-digit inflation and instability on macro-economy made input expense increase highly. However, with advantages of market, the businesses have overcome difficulties to contribute to local economic growth.
An impressive growth
According to the Ministry of Trade and Industry, Vietnam apparel industry’s export turnover in the first half of this year reached US$6.16bil, a 30% rise from 2010. In June, 2011 alone, the industry’s export revenue won US$1.15bil, an 11% increase from May. This is considered as a highest export growth over the past 4 years.
As for Binh Duong apparel sector, reports on apparel export and import in the first half of this year showed that local apparel sector became a staple item in the province with export turnover of US$644mil, an 11.9% rise from the same period last year.
producing export apparel items at Binh
Duong Garment Company
Assessing the remarkable results of local apparel sector, Phan Thanh Duc, finance director of Binh Duong Garment Company, said apparel item has showed its strong growth amid difficulties of economy. The results are thanks to good exploitation of market and improvement of productive capacity. “Major markets of the US, EU and Japan increase import of goods. Local businesses signed many contracts till the end of 2nd quarter of 2011”, Duc added.
Export turnover to surpass US$13bil
According to Vietnam Apparel Group, with growth and advantage of market, domestic apparel businesses can reach an export turnover of US$13bil in 2011. In Binh Duong, many enterprises signed contracts till the end of the third quarter of 2011.
For example, Binh Duong Apparel Company reached an export turnover of $24.2mil, about 50% of the whole year’s plan. The company will strive to win $25.8mil in export revenue in the remaining months of this year.
However, there will be some difficulties for apparel businesses to spur export, owing to obstacles of macro- economy. In addition, Duc added that another obstacle of barriers for apparel export lies in labor change. Therefore, apparel businesses should set out preferential policies to ensure manpower.
Reported by T.Son – Translated by A.C
