Vietnam's Textile Industry Expects High Growth

Vietnam’s textile and apparel industry expects to achieve high growth rates over the next 12 years, Tran Du Lich, member of National Advisory Council on Financial and Monetary Policy, told the 4th Vietnam Textile Summit in Hanoi recently. Textile goods worth around $31 billion were exported last year, representing a 10.23 per cent year-on-year rise, he said.

The rapid growth is expected to continue this year with an estimated turnover of $33 billion, he said.

The sector also promotes the cotton fibre, petrochemicals, trading, services and fashion industries, he said.

However, Vietnam’s vocational training policies in the industry had not been effective and need further support, Vietnamese media reports quoted Lich as saying.

The government should also encourage enterprises to mobilise capital on the stock market, he added.

He suggested the solutions were to set up a common language with supply methods while factoring in risk.

The event was jointly organised by ECV International and Vietnam Cotton and Spinning Association (VCOSA).