Ministry okays textile growth plan
HA NOI (VNS) - The Ministry of Industry and Trade has ratified the textile and garment industry development plan 2020, with a vision for 2030. The plan is expected to boost the industry's growth, said deputy minister Do Thang Hai at a meeting early this week. Under the plan, the industry aims to achieve 55 per cent localisation rate by 2015, which will increase to 65 per cent and 70 per cent by 2020 and 2030 respectively. During the 2013-2020 period, the industry plans an annual production growth rate of 12 to 13 per cent. Exports in the 2013-2015 period are expected to increase by 10 to 11 per cent yearly, increasing by 9 to 10 per cent in the 2016-2020 period, and by 6 to 7 per cent in the 2021-2030 period. The growth rate of the domestic market will be 9 to 10 per cent in the 2013-2015 period and 10-12 per cent in the 2016-2020 period, according to the plan. Labour-intensive textile and garment firms will be moved to the rural areas, while those specialising in fashion production as well as in the supply of related services will be placed in urban areas. According to the Viet Nam Textile and Apparel Association, Vietnamese clothing products are being exported to 50 countries and territories. The Textiles and garments currently make up 13.6 per cent of the country's total export value. That percentage is expected to rise when the country signs trade agreements. The country is currently negotiating the Trans-Pacific Partnership Agreement (TPP) and the Viet Nam-EU Free Trade Agreement, which are expected to come into effect in the next couple of years. When these agreements are signed, Vietnamese garment and textile products will enjoy zero per cent tax rate in the |
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