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

21 Sep '22

1 min read

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The Vietnamese textile-garment industry's domestic procurement hit a record high rate of 57 per cent in the first eight months this year, close to the target of 60 per cent set for 2025, according to Le Tien Truong, chairman of the Vietnam National Textile and Garment Group (Vinatex), who recently said this had remained at around 50 per cent for a long time.

The sector’s export revenue between January and August this year was worth $30.2 billion, a rise of nearly 20 per cent over the same period last year and the highest growth rate of the past decade, Vinatex revealed.

The sector ran an estimated trade surplus of around $17 billion in the eight months, according to a Vietnamese newspaper report.

The average export revenue would decrease to $3.1-3.2 billion per month in the four remaining months of the year, compared to the average of $3.8 billion per month till August, Vinatex forecast.

In the medium and long term, Truong said Vinatex would invest in promoting a green and circular economy, adding that the investment would be large, however.

He called for policies to support industries like the garment-textile with high local procurement rates and high trade surplus.

Fibre2Fashion News Desk (DS)

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