Vietnam’s textile and garment industry is striving to achieve export turnover of more than 40 billion in 2019, a year-on-year increase of 14-15 percent.
Vietnam spent almost 11.4 billion USD to import materials for garment and textile production in the first half of the year, up 5.6 percent from the same period last year, according to the Vietnam Textile and Apparel Association (VITAS).
Southern localities of Vietnam has been a major destination for investment from the Republic of Korea (RoK) in recent years, and local textile-garment and footwear industries have proved to be a magnet for an influx of capital from this country.
The southern province of Dong Nai recorded a trade surplus of 500 million USD in the first two months of 2019, according to the provincial Department of Industry and Trade.
The garment and textile sector was forecast to suffer the most from goods origin regulations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Bui Kim Thuy, the country representative for Vietnam at the US-ASEAN Business Council.
A surge in exports pushed Vietnam’s trade surplus to 2.85 billion USD in the first seven months of this year, reported the General Department of Vietnam Customs.
Weaving is believed to be the weakest link in Vietnam’s textile and garment value chain, but denim fabric is a strong point of local producers.
Imports of materials for garment and footwear industries from Canada saw a tremendous growth of 179.8% to US$11.8 million in the first four months of this year, according to the statistics from the General Department of Vietnam Customs.
The textiles and garment industry gained the second-largest export value in the first four months of this year, after the export value of phones and their components, according to the Ministry of Industry and Trade.
Vietnam’s textile and garment sector may have a trade surplus of US$15.5 billion on total export revenue of US$31 billion this year, said Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS).
Vietnam’s textile and garment industry is facing tough times to connect itself with global supply chains, although the industry’s export revenue growth is expected to stay high, according to the Vietnam National Textile and Garment Group (Vinatex).
HANOI - A garment technology expo entitled – HanoiTex 2016 (November 2-4) – one of the country’s largest and most comprehensive exhibition on clothing technology has opened in Hanoi at the International Centre for Exhibition.
Total export value of top ten products hit US$92.2 billion during the first nine months of this year, accounting for 71.7% of the country’s total export revenue, reports the General Department of Vietnam Customs.
Vietnam earned US$6.84 billion from garment and textile exports in the first quarter of this year, a rise of 11.2% year on year, according to the Vietnam Textile and Apparel Association (VITAS).
Millions of textile & garment and footwear workers could be replaced with robots in the future.