Vietnam'S Textile And Garment Industry Faces Recession Crisis

according to Vietnam? The Ministry of industry and Commerce said that although the export of garments and garments exported to Vietnam amounted to US $10 billion 300 million in the 3 quarter (2011), which was 28% higher than that in the same period (2010).

According to the Vietnam Textile Association, the US and European Union orders for Vietnamese textile garments will be reduced by 10% at the end of this year. Vu Duc Giang, Vietnam textile and Garment Association, said the United States was going to Vietnam. Textile products In the biggest export market, Vietnam's textile exports are facing a crisis of recession because of the poor US market.

Moreover, the recent economic downturn in the European Union has also affected the export of Vietnamese textile products.

In addition, Vietnam's textile industry relies heavily on its raw materials. Imported In addition, since October 1st this year, Vietnam has raised the minimum basic salary, and staff salaries accounted for 65% of the production cost of the textile and garment industry, resulting in a substantial increase in production costs and greater pressure on operators.

At present, the export of clothing products is most affected by coats, whose orders have dropped by 30%, and exports to the EU are expected to decline by 10~15%.

To strengthen textile products Exit In addition, Vietnam has actively expanded export markets to Japan, South Korea, ASEAN and Canada. Nevertheless, according to the chairman of the Vietnam textile and Garment Association, the target volume of Vietnam's textile and clothing exports was set at 13 billion 500 million US dollars this year, with an estimated growth rate of 10%.