Vietnam's textile and garment industry has been told to improve product quality, cut costs and create more jobs if wants to survive in an increasingly competitive world marketplace.

Addressing the second congress of the Vietnam Textile and Apparel Association (Vitas). Prime Minister Phan Van Khai said the industry needed to boost its growth rate and increase its localisation ratio and competitiveness.

"We have to take full advantage of our social and political stability to attract foreign investors into the sector and expand to new international markets," he said.

He urged enterprises to invest in the textile sector and materials and accessory production in a bid to ensure synchronous development.

And he pledged that the government will create favourable conditions for enterprises to get preferential loans to implement feasible projects.
 
Vietnam's clothing and textile industry has set itself the target of slashing production cost by 40 per cent over the next five years in a bid to enhance its competitive edge in the world market.

It is also aiming to boost its export turnover to US$4.5 billion, a localisation rate of 45 per cent and the creation of at least 700,000 new jobs over the next four years.