Vietnam needs $22-billion investment by 2025 in the textile and dyeing sector to address capital shortage and to meet the demand for clothes and ancillary materials of outsourcing enterprises, says the Vietnam Cotton and Spinning Association (VCOSA). Textiles and garment is the country’s third largest export sector with a turnover of $28 billion in 2016.
However, due to lack of proactive steps to generate raw material locally, around 70 per cent of the 8.9 billion sq m of cloth consumed by the country’s textiles and garment sector annually was imported at a cost of $17 billion, according to a news agency report.Vietnam needs $22-billion investment by 2025 in the textile and dyeing sector to address capital shortage and to meet the demand for clothes and ancillary materials of outsourcing enterprises, says the Vietnam Cotton and Spinning Association (VCOSA). Textiles and garment is the country's third largest export sector with a turnover of $28 billion in 2016.#
Apart from their financial potential, foreign textile corporations have a lot of experience in developing a synchronous production chain of textiles, fibre, weaving, dyeing and design, which will be an advantage for Vietnamese enterprises in the long term, said VCOSA chairman Nguyen Van Tuan.
But some experts feel Vietnam’s textile and garment industry should not merely attract foreign investors, but should also focus on high quality training for its domestic human capital. (DS)
ALCHEMPro News Desk – India
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