Vietnamplus

Free trade agreements (FTAs) in which Vietnam has joined are great momentum for the domestic garment-textile industry to attract investment

Vietnam’s garment-textile export turnover is expected to hit 18.5 billion USD in the second half of 2018, bringing the year’s export value to 35 billion USD, 1 billion USD higher than the target set for the year, heard a press conference in Hanoi on July 30.

The Vietnam Textile and Garment Industry Expo – SaigonTex 2018, the biggest and most influential event of the textile and garment industry of Vietnam, opened in Ho Chi Minh City on April 11. ​

Vietnam’s textile and garment industry targets a year-on-year increase of 10 percent in export value to 34 billion USD in 2018.

Major member economies of the Asia-Pacific Economic Cooperation (APEC) forum, including the US, Japan, the Republic of Korea (RoK) and China, could make up 74-75 percent of Vietnam’s total garment-textile export turnover in the coming time.

A delegation of the Vietnam National Textile and Garment Group (Vinatex) made a fact-finding trip to Armenia in late August to seek partners to develop production projects as Vietnam is the first country to sign a free trade agreement with the Eurasian Economic Union (EAEU) that includes Armenia.

The Ministry of Finance has publicised a list of 747 equitised enterprises which have failed to register to trade on the stock market.

The Dinh Vu Polyester Fibre Plant is scheduled to restart production soon after a prolonged suspension of operations.

Vinatex must innovate its technologies as soon as possible in order to increase its market share, said General Director Le Tien Truong, a shareholders’ meeting held in Hanoi on June 29.

Prime Minister Nguyen Xuan Phuc has urged the Vietnam National Textile and Garment Group (Vinatex) to undertake comprehensive reform to develop its production and business.

Vietnam’s garment and textile sector is still enjoying good growth in exports to the US market even without TPP, according to Le Tien Truong, Vinatex Director General.

The Vietnam Textile and Garment Group (Vinatex) will mobilise 5 trillion VND (242 million USD) for fibre, textile and garment development to boost this year’s production.

The securities market will see two of the largest State-owned enterprises stepping into the Unlisted Public Company Market (UPCoM) on January 3, 2017, according to the Hanoi Stock Exchange.

The textile and garment sector will continue facing challenges in 2017

The 20th Vietnam International Fashion Fair (VIFF) 2016 is set to take place from December 22-26 at the International Centre of Exhibition, 91 Tran Hung Dao, Hanoi.

Garment producers have faced a decline in orders and export values in the first half of 2016, causing a worry that the goal of exporting 31 billion USD worth of garment products cannot be achieved.

The Government has offered financial support to the Vietnam National Textile and Garment Group (Vinatex) for training the labour force in the textile and garment industry this year.

Vietnam’s garment-textile sector still plays a passive role in the global supply chain (GVC) as they mainly specialise in straightforward production stages without studying market demands.

The Vietnam Textile and Garment Group (Vinatex) will invest 210 billion VND (91 million USD) into building its second factory in the Mekong Delta province of Kien Giang.

The 90 million strong domestic market holds the potential for the garment and textile sector to increase its revenue.