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Vietnam's textile-RMG sector's domestic procurement rises in Jan-Aug

Release time:

2023-01-11

Le Tien Truong, chairman of the Vietnam National Textile lndustry Federation, said that in the first eight months of this year, the domesticprocurement rate of Vietnam's textile and garment industry reached a record 57%, close to the 60% target set in 2025. The textile productsmosiy incude va matenals, coon abrcs. home textile and so on. Garment Group Vinatex recenty said that this rato has ong remainedaround 50%.

Vinatex revealed that the industry eaed $30.2 bilion in export eaings from January to August this year, up nearly 20 percent from the sameperiod last year and the highest growth rate in the past decade.

The industry's trade surplus in eight months is estimated to be around $17 billion, according to Vietnamese newspapers.

Vinatex forecasts that average export earnings for the remaining four months of the year wll fall to $310-3.2 bilion per month, compared with$3.8 billion per month through August.

In the medium to long term, Truong said Vinatex will invest in promoting a green and circular economy, adding that the investment will besubstantial.

He called for the introduction of policies to support the apparel and textile industries with high local procurement rates and hich trade surplusesAs Vietnam tends to become world foundries for many garment and textle brands and meanwhile it appeals to increasing import of textilemachines including circular knittng machines, hosiery machine, sportshoes knitting machines and so on.