At the seminar, Vinatex officials answered queries from delegates regarding the company’s short-term and long-term development strategy and their views for the overall prospects of the garment and textile industry in Vietnam.
Vinatex has made remarkable achievements in its business and production activities, earning US$2.9 billion in export turnover in 2013.The company is targeting to hit an export turnover of US$5 billion by 2020.
At present, the group has fully mobilised its resources to create a niche in the manufacturing supply chain fully expecting the market to explode upon the signing of free trade pacts with the EU and most especially the upcoming Trans Pacific Partnership (TPP).
In addition, Vinatex is devising a plan to import raw materials from other nations in the region to eliminate the current over dependence on China. Industry and Trade Deputy Minister Ho Thi Kim Thoa announced at the conference that the garment and textile sector has achieved an annual 10% growth rate over the past ten years.
Economist Le Dang Doanh spoke about the bright prospects on the horizon for the garment and textile sector contingent upon the signing of free trade pacts with the European Union, the TPP and the Custom Union of Russia-Belarus-Kazakhstan.