Garment industry is on its path to revival from the economic meltdown as it is likely that, this year, the industry will reach its target of US $10.5 billion, as the sector has already witnessed a growth of 12.3 percent in the first three months of this fiscal year.
According to Vietnam National Textile and Garment Group (Vinatex), General Director, Leâ Tien Truong, “Signs of an increasing number of orders were experienced in the second quarter when the General Statistics Office revealed that the exports in the first quarter totalled to $2.16 billion.”
Purchasing power returned in major markets such as the US, Japan and European Union (EU), with the IMF predicting a global growth rate of 2 percent this year. This has created favourable conditions for the garment sector, said Truong
According to Le Quoc An, Vitas Chairman, “The number of orders this year are likely to be higher than last year. Also exporters have found buyers who are willing to pay 10-15 percent more than the price, prior to recession.”
ALCHEMPro News Desk - India
marketing@alchempro.com
