Vietnam plans to export 500 million square meters of cloth woven with shuttles in 2010 and 1 billion square meters of the product in 2015, according to local newspaper News on Friday.
To realize the target, the domestic garment and textile industry will focus on constructing large-scale weaving and dyeing centers, discouraging the operation of dyeing factories with small annual capacity of below 10 million square meters of cloth, and encouraging dyeing facilities to operate under the form of joint stock companies or business cooperation contracts, the newspaper quoted the Vietnam Garment and Textile Group as saying.
The industry is estimated to need investment of some 2 billion U.S. dollars to boost cloth production in the 2005-2010 period, said the state-owned economic group.
Vietnam gained nearly five billion dollars from exporting garments and textiles in the first 10 months of this year, a year- on-year surge of 27.2 percent. Meanwhile, the United States was the biggest market of the Vietnamese products with import volume of nearly 1.8 billion dollars, according to the Vietnam Textile and Apparel Association.
Vietnam will reap some 5.8 billion dollars from exporting garments and textiles, mainly to the United States, the European Union and Japan, this year, up from 4.8 billion dollars last year, the association said.
