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Related Keywords: advised to fully tap opportunities, effectively manage personnel, fourth industrial revolution, increase productivity, overcome challenges, quantitative production, reach sudden development speed, reduce production cost, smart production, sustainable development, using intensive labor, Vietnam textile and garment sector, workshop held by VITAS

The 4th industrial revolution is predicted to reach a sudden development speed in the time ahead. Therefore, industries in Vietnam like the textile and garment sector using intensive labor are advised to fully tap opportunities and overcome challenges brought by the revolution. A workshop was held by the Vietnam Textile and Apparel Association (VITAS) in Hanoi on July 13 yesterday to discuss smart production towards sustainable development for the textile and garment industry.

Related Keywords: advantages of trade agreements, EAEU, Eurasian Economic Union, first quarter, negotiation with other countries, observing good results, promising signs from new import markets, rapid growth from new markets, see growth in second quarter of this year, Vietnam Textile and Garment Group, Vietnam textile and garment sector, VN textile sector

The Vietnam textile and garment sector after observing good results in the first quarter due to rapid growth from new markets such as Eurasian Economic Union (EAEU), which saw a growth rate of 115% in Russia; and the Asian Economic Community (AEC) with growth of 17%, 11%, 38%, 24.5%, 36% and 5% from Thailand, Indonesia, Singapore, Laos, Cambodia and Myanmar, respectively, enters the second quarter (Q2) of this year with promising signs from new import markets, said General Director of the Vietnam Textile and Garment Group (Vinatex) Le Tien Truong.

Related Keywords: boost production and development, Huntsman Textile Effects, import value of textile-garment accessories, investors, meet domestic market demands, supplier of dyes and chemicals, Trans Pacific Partnership, US inflow of investment, Vietnam Cotton and Spinning Association, Vietnam textile and garment sector, warehouse

Vietnam has seen significant inflow of investment from the US in its textile and garment sector in recent years, one of the many US investors is Huntsman Textile Effects, a supplier of dyes and chemicals under the US-based Huntsman Group, in anticipation of the potential from the Trans Pacific Partnership (TPP).

Huntsman’s warehouse located in the Long Binh Industrial Park in the southern province of Dong Nai after only six months of operation since its opening in mid 2015 is operating at its full capacity of 250,000 tonnes.

Related Keywords: affecting fiber manufacturer, cotton and polyester filament prices, decreased sharply, equal to total domestic investment, FDI has increased sharply, increase production of input material, plans a productivity increase, Vietnam textile and garment sector, Vietnam to attract other market, Vinatex, Vinatex remains pessimistic about the new year

Vietnam will be able to attract other markets only when Vietnam can increase the production of input materials said Hoang Ve Dung, deputy general director of Vinatex. Although Foreign direct investment in the textile and garment sector of Vietnam has increased sharply recently. A report shows that FDI capital registered in the last year reached $1.5 billion, equal to total domestic investment.

The Vietnamese textile and garment companies have to slash selling prices to compete with rivals from China, India and Malaysia.

Related Keywords: aiming increase total exports, double the size of production, free trade agreements, need to be well prepared, textile enterprises, TPP, Vietnam textile and garment sector, witnessed good growth

Vietnam textile and garment sector having witnessed good growth in exports in 2014 up by nearly 16 percent reaching $24.5 billion is now aiming at total exports of US$ 28 billion to $28.5 billion in 2015.

The textile and garment sector is expected to benefit from several free trade agreements (FTAs) that are likely to take effect. Owing to advantages accruing from the FTAs, the textile industry could double the size of production in ten years. However, textile enterprises need to be well prepared for the same.

Related Keywords: abolish U.S. tariff rates, Customs Union, EU market, FTA, improve supply chain, influences from free trade agreement, invest in material production, link fiber production, second largest exporter, TPP, US market, Vietnam Association of Garment and Textile, Vietnam textile and garment sector, with cloth production

Vietnam has been the second largest exporter of garment and textile products to the U.S. for the last several years. The annual export turnover from Vietnam to U.S. market has grown 12-13 percent in recent years while the North American nation’s import value has grown only 3 percent. These achievements were partly due to influences from free trade agreements.

Related Keywords: Domestic suppliers, export touches US$2.2bn, foreign currency earner, Free trade agreement, modern production model, raw materials import, Vietnam textile and garment sector

The textiles and garment sector is one of the largest industries in Vietnam and a top foreign currency earner. Its textile and garment export turnover has touched US$2.2 billion in August, an increase of 0.2 per cent from July.

But despite the high turnover the value added of the industry remained relatively low due to its reliance on imported raw materials, said General Secretary of Vietnam Textile and Apparel Association, Dang Phuong Dung.

Related Keywords: African cotton, intermediary wholesaler, International Trade Centre, raw cotton, raw material, Trans-Pacific Partnership agreement, Vietnam Cotton & Spinning Association, Vietnam textile and garment sector

The rapidly growing textile and garment sector of Vietnam is excessively dependent on imported raw material for which it pays exceedingly high prices, as most of the raw materials for the sector originate in Africa and are sold to Vietnamese manufacturers through intermediary French, Swiss and Indian wholesalers.

Related Keywords: Chinese investors, Vietnam textile and garment sector

Chinese investors are pouring money into Vietnam’s two main business fields – textile & garments and real estate. A report of the Foreign Investment Agency showed a “high jump” of the Chinese foreign direct investment (FDI) in Vietnam with the total registered FDI capital reaching $2.3 billion in 2013, much higher than the $345 million in 2012.