VIETNAM: Apparel fibre and fabric imports soar 10.1% in H1
The Vietnamese textile and apparel industry spent US$250m in June on imported fibres, yarns and fabrics, an increase of 42.9% year-on-year according to the country's Ministry of Industry.
During the first half the year import revenues climbed to $1.12bn, up by 10.1% over the same period 2006.
In the second week of July the figure was over $80m, of which imports of cotton were up by 30%, yarns rose by 25% and fibres increased by 73%.
Although Vietnam is the world's tenth largest textile and apparel exporter, and textiles and clothing is the country's second biggest currency earner, it still relies heavily on imported materials from China, Taiwan, Korea, Hong Kong and Japan.
The Vietnamese Ministry of Industry is currently targeting the textile and apparel industry to produce 1.5bn metres of fabric and other materials through an investment of $1.7bn by 2015.
"Relying heavily on imported materials is an uncomfortable issue for not only the textile and apparel industry but also the government and authorities," said Le Quoc An, chairman of Vinatex, the state-owned Vietnam National Textile And Apparel Group.
"To overcome this, we have been setting up and implementing several key programmes until 2010."
To help meet this goal, Vinatex is constructing three fabric production centres in Hanoi, Dang Nang and Ho Chi Minh city with a target of providing the group with 50% of its total material requirements by 2010.
By Ngo Tuan.
Vietnam National Textile and Apparel Group, Vinatex, is expecting to post profits of VND521.75bn (US$32.6m) for the full-year 2007, representing an increase of 250% compared to the prior year....
Viettien-Dong A JSC has announced plans to build a thread plant and industrial washing complex in the Vinatex-Tan Tao industrial zone, Dong Nai province early next year, costing US$3m....
Vietnam National Textile and Apparel Group (Vinatex) generated VND286bn (US$17.87m) in profit during the first nine months of 2007, representing a 45.5% increase on the prior year period....
Vietnam, which has vastly increased its apparel and footwear production in recent years, is currently looking to secure a supply deals with Cuba for the export of fibre and fabrics....
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