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 Petrochemical and Fiber Joint Stock Company (VNPOLY) on January 20 signed an agreement with Shinkong Synthetic Fibers Company of Taiwan (SSFC).
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.
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).
The Vietnam Textile and Apparel Association has unveiled plans to send a delegation of representatives to showcase the country’s prowess at a major business-to-business (B2B) event for the textiles segment in India.
Over the past 2 decades, textile and apparel businesses run by overseas Vietnamese in Russia have generated jobs for many Vietnamese. There are currently 200 textile manufacturing facilities, employing more than 10,000 people.
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.