The Ministry of Industry and Trade reported that Vietnam imported 21 commodities worth over US$ 1 billion, accounting for 80.3 percent of the total import turnover in the first five months of the year; in which some items increased compared to the same period last year such as electronic components, machinery, fabric, iron and steel, plastics, etc.
It noted that, fabrics exported from China to Vietnam have increased sharply, accounting for 57.3 percent of total fabric import turnover of the country. Therefore, Mr. Vu Duc Giang proposed three recommendations to promote the domestic fabric industry.
Firstly, industrial parks to invest in textile and dyeing industry have to be quickly established. Secondly, the Ministry of Industry and Trade must be the mainstay in the strategy of building the supporting platform with the textile industry. Finally, it is necessary to have transparency to create a legal foundation.
Thus, the textile and garment industry would be rapidly independent on imported raw materials in general and the fabric sector in particular to improve the value added in exports and take the advantages of free trade agreements.
