Textile and clothing sector needs government help
Vietnam’s deputy minister of Industry and Trade, Bin Xuan Khu, has attended a conference designed to boost textile and garment exports for the rest of the year as producers struggle to cope with soaring oil prices.
Mr Khu suggested that textile and garment firms facing labour shortages should shift production to locations with better facilities and a more plentiful workforce if the export target of $9.5 billion is to be achieved.
The minister urged the power sector to guarantee a steady electricity supply on behalf of the struggling textile sector. He said that if all the necessary steps are taken, there is no reason why the export target should not be reached.
The government has been asked to consider the textile and garment sector as a priority and to grant bank loans at preferential interest rates on the grounds that it is one of the largest earners of foreign currency for Vietnam.
During the first half of the year, textile and garment exports reached $4.2 billion, a 20% increase year-on-year.
