News Tags

Related Keywords: face a big challenge, FTAs, Garments and textiles are key export items, ignored on the much touted edges, import around sevent percent of its materials, meet requirements under the rules of origin, signed by the country, to enjoy preferential tariffs, trade agreements, Vietnamese domestic garment and textile companies, weak materials supply

Vietnamese domestic garment and textile companies have, for the foremost half, ignored on the much-touted edges of trade agreements (FTAs) that was signed by the country, experts aforesaid at seminar yesterday.

Vietnam has signed twelve trade agreements, of that ten FTAs have inherit force: VN-ASEAN, ASEAN-India, ASEAN-Australia-New Sjaelland, ASEAN-South Korea, ASEAN-China, ASEAN-Japan, Vietnam-Chile, Vietnam-Japan, Vietnam-South Korea and Vietnam- Eurasian Economic Union, said Nguyễn Ngọc Hòa, deputy director of the HCM town Department of trade and Trade.

Related Keywords: capture market space, CEO, due to declining Chinese textile exports, focusing on man-made fibre, FTAs, IIFT, Impluse Buying House, India has huge potentia, India sourcing hub and investment destination, international textile market, MMF, Sunil Arora, textile exports, Textiles India trade fair, vacated by China

India has a huge potential to capture the market space by focusing on man-made fibre (MMF) that is vacated by China in the international textile market due to declining China’s textile exports, said Sunil Arora, CEO, Impluse Buying House while speaking at a seminar on "India as a sourcing hub and investment destination" on the last day of Textiles India 2017 trade fair in Gandhinagar.

Synthetic textiles made from MMF account for 70% of world textile supply and the rest is cotton.

Related Keywords: current fiscal, exploring new markets, falling share of China in textile exports, FTAs, India positive on achieving export mark, meeting of industry body Texprocil, new textile policy, Rashmi Verma, readu to capitalize, Secretary, special package announced to boost exports, taking elaborate marketing plan, Textile, USD fifty billion

With the government announcing a special Rs.6,000 crore package and taking elaborate marketing plans to boost exports. Textile Secretary Rashmi Verma speaking on the sidelines of a meeting of industry body Texprocil held in Mumbai said that they are hopeful of achieving $50 billion mark in exports in the current fiscal as compared to $38 billion exports last year.

The Union Cabinet last week approved special package for the sector with an aim to create one crore new jobs in three years and attract investments of $11 billion while eyeing additional $30 billion in exports.

Related Keywords: check decline in merchandise exports, cotton yarn or apparel rather than technical textiles, exporting low value commodities, FTAs, geo political reasons, Indian textile exporters, not helping for competing globally, PTAs, seek review of trade agreements, the total exports are handled by the MSME sector, top export categories like textiles

The textile exporters have been seeking review of India’s trade agreements like the Free Trade Agreements (FTAs) and Preferential trade Agreements (PTAs) to check decline in India's merchandise exports have been contracting for the last 15 months.

India's 40% of the total exports are handled by the MSME sector which feels that it's the country's trade agreements which are not helping them much for competing globally.

Related Keywords: FIEs, FTAs, Garmex Saigon, MoIT, Orders from importers have come abundant, output of fabric made of natural fiber, production index of textile industry, projects twenty percent growth rate in revenue, synthetic and artificial fibers, textile and garment exports, TPP, Vietnamese textile company, Vitas

Vietnamese textile company, Garmex Saigon projects 20 percent growth rate in revenue in comparision with 2015 as they have so far ensured enough jobs for the company until the end of the year, unlike previous years, said Le Quang Hung, president of Garmex Saigon. Garmex Saigon reported turnover of VND1.530 trillion in 2015, while abundant orders have led to turnover that may reach VND1.8 trillion this year.

Related Keywords: cotton, Demand for cheaper prices, domestic output, exportable goods becoming uncompetitive, exporters of cotton textile products, Fabrics and Home Textiles, FTAs, international market, Texprocil, textile raw material, yarns

The largest producer of cotton in the world finds that its exportable goods are becoming uncompetitive in the face of the raw materials in India available for the manufacturing of these goods turning out to be costly.

Currently, the raw materials are available at marginally higher prices in local markets than the prevailing prices in the international markets.

Hence, the textile industry has urged the government to make cotton available for textile mills at prices cheaper than the prevailing prices in the international markets.

Related Keywords: boost Vietnamese export, channeled into material area development, compete and integrate effectively, financial support, fomr Bank for the Investment and Development of Vietnam, FTAs, potential destination for foreign investors, restructure, trade promotion and market expansion, Vietnam garment firms

With China scaling down its domestic production for export due to increasing labour and land costs, Vietnam is emerging as a potential destination for foreign investors. This opportunity requires Vietnamese enterprises to restructure if they want to compete and integrate effectively.

The Bank for the Investment and Development of Vietnam (BIDV) has committed to offer the Vietnamese garment firms financial assistance of 2 billion USD over the next five years, this was stated BDIV Chairman Tran Bac Ha during a workshop held on September 30.