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Vietnam’s textiles trade value up seven per cent

Vietnam’s import and export value as of November 2019 was up 7.6 per cent compared to the same period in 2018. Vietnam’s textile and garment sector has reached only one third of the export turnover goal set for 2019. Although textile and garment export turnover ranked third nationwide, after utilities and computers, the turnover was much lower than the set target. Meanwhile, materials produced by FDI businesses are sold within their closed support chains or to foreign parent companies.

Therefore, domestic textile and garment businesses still need to import materials. With a population of nearly 100 million, and clothing consumption approximating five per cent to six per cent of total consumption, Vietnam holds great appeal for international fashion companies. Currently, large-scale textile enterprises in Vietnam are trying to cooperate with FDI companies to produce material supplies as well as textile products under their own brands to increase their domestic market share.

Vietnam has been affected indirectly by the perpetual trade war. Yarn exports to China have fallen this year. The shrinking of the global fashion industry has also played a critical role. This fiscal orders received by manufacturers have fallen. Like any other apparel sourcing country, Vietnam needs further investment in high-value items.

 
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