Illustrative image (Source: http://vcosa.org.vn) Hanoi (VNA) - Vietnam’s fibre and yarn productionand export is witnessing a strong growth, boosting the country’s textile andgarment export turnover.
In 2017, Vietnam earned 31 billion USD fromexporting textiles and garment products, fibre, cotton and materials, of which exportsof fibre contributed 3.59 billion USD, up 22.7 percent year-on-year.
Nguyen Thi Tuyet Mai, vice general secretary and chief representative of theVietnam Textile and Garment Association (VITAS) in HCM City said in addition totraditional textiles products, high value-added items such as fabrics, fibre andyarn and textiles and garments accessories have grown well in the first monthsof 2018.
Notably, Vietnam’s fibre and yarn export alone reached906 million USD in the first quarter of 2018, up 16.5 percent year-on-year.
Nguyen Binh An, General Secretary of the Vietnam Cotton and SpinningAssociation, said prior to 2000, the spinning sector’s production scale reachedonly 1 million spindles but its capacity was raised to 3.7 million spindles in2007 and 7 million spindles at present.
Two thirds of yarn produced in Vietnam is for export now, with the mainimporters being China, Turkey and European and American countries.
Mai said the production scale of Vietnam’s spinning industry would becomebigger in the future thanks to advantages brought by free trade agreements thecountry has joined.
Vietnam is seen as an ideal destination for foreign-invested spinning projects.The Republic of Korea, China and Hong Kong (China) are leading investors of spinningfactories in Vietnam. Japan also outsources yarn products to Vietnam.
In 2017, Vietnam exported 700,000 tonnes of fibre and yarn to China.
Experts said many foreign enterprises haveinvested in Vietnam’s garment and textile industry to exploit opportunities afterthe Comprehensive and Progressive Agreement for Trans-Pacific Partnershipagreement was signed.-VNA
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