Garment sector aims for 12% export growth in 2014

Le Tien Truong, Vice General Director of the Vietnam Textile and Garment Group (Vinatex) said at a press briefing in Hanoi on January 8 that 2014 is forecast to be a hard year for the economy, but, the garment sector still has a reasonably bright future owing to developed countries like the US and the stability of newly-emerging countries.

To meet the target, the sector will focus on key solutions for investment, finance, personnel management, market expansion and business renovation, Truong said.

Truong reported garment exports increased by 16.9% in 2013 to US$19.8 billion, accounting for 15% of the country’s total export value, excluding export of materials.

Of the figure, the group’s exports reached nearly US$3 billion, up 12% compared to the previous year, and its domestic turnover hit VND22.5 trillion, up 15%.

Its employee’s average income was more than VND5.2 million per month, representing an annual rise of 10%. Its subsidiaries like Dong Xuan, Dap Cau, Viet Tien, Hoa Tho and Phong Phu, have all achieved impressive growth, contributing to the group’s success.

In 2013, the Garment 10 Company earned a phenomenal VND1.8 trillion in turnover, up 20% compared to the previous year.

As planned, in 2014 the company will increase its investment in production lines and aim to earn more than VND2 trillion in turnover. It will expand the domestic market and develop its trademark to international markets.