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Related Keywords: Canaintex, fall to zero from current 30 percent, implementation of Trans-Pacific Partnership, Mexico National Chamber of Textile Industry, tariff on Vietnamese goods exported to Mexico, three to four years to Mexico, value of Vietnamese exports to double, Việtnam Textile and Garment Association, Vitas

The Vietnam Textile and Garment Association (VITAS) and Mexico’s National Chamber of Textile Industry (Canaintex) after the implementation of Trans-Pacific Partnership (TPP) expects the value of Vietnamese exports to double in 3-4 years to Mexico as tariff on Vietnamese goods exported to Mexico would fall to zero from the current 30 percent.

Canaintex representatives said that with TPP agreement coming into effect, Vietnam’s garment and textile exports will rise sharply and its market share in TPP member countries would increase substantially due to preferential tax policies.

Related Keywords: amend environment regulation, establishment of textile and garment industrial zones, export value exceeded, free trade agreements, related authorities, review and adjust development planning for the industry, stable growth, suggested Government, under current planning, Việtnam Textile and Garment Association, Vietnamese textile industry, Vitas

The Vietnamese textile industry’s export value under the current planning was targeted to reach US$20 billion by 2020, but the figure exceeded $27 billion in 2015 and is expected to hit $31 billion this year. From 2010 to 2015, the industry had stable growth of export value of 15 per cent per year.
In the first half of this year, its garment and textile exports have reached $12.6 billion, representing a 4.72 percent year-on-year increase and accounting for 41 percent of the sector’s target for 2016.

Related Keywords: benefit from lower costs, buyers shifting their orders from Vietnam, export revenue, lending rates higher, minimum wage raise, shut down following Brexit, struggling to find new orders, UK textile and garment enterprises operating, Vietnam textile and apparel sector, Vietnamese dong currency stable to other countries, Vitas

Vietnam textile and apparel sector posted export revenue of only US$12.76 billion in the first six months, growing 4.72% year-on-year representing just 41% of the full-year target. Again, the growth was mainly driven by foreign direct investment (FDI) firms as the domestic peers struggled to find new orders in the period, said Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), at a press conference in Hanoi last week.

Related Keywords: at risk of missing their export target, attributed to FDI, burdening enterprises, encounter overlapping procedures, export value increased, increases in minimum wage, lack of export orders, local frims had difficulties getting new export contracts, propose wage freeze, reduced competitive ability, Vietnam garment and textile industry, Vitas

Vietnam’s garment and textile export value in the first half of this year reached US$12.6 billion, an increase of 4.72 percent over the same period last year, accounting for 41 percent of the sector’s annual target for 2016. But the growth in the industry’s export value was largely attributed to foreign direct investment (FDI) firms, while local firms had difficulties getting new export contracts, especially orders of shirts, trousers and jackets, said the Việtnam Textile and Apparel Association (VITAS).

Related Keywords: catch up with global quality, German machinery high quality, high cost, introduced to Vietnam textile, labour productivity, latest textile and apparel technologies of Germany, much preferred textile manufacturing location Việtnam sole supplier of textile among TPP member countries, VDMA Textile Machinery Association, Vitas

In the event held by VDMA Textile Machinery Association, supported by the Việtnam Textile and Apparel Association (VITAS), more than 600 business representatives and experts from Việtnam’s textile and support industries were introduced to Germany’s latest textile and apparel technologies in Hà Nội on July 5.

The VDMA Textile Machinery Association groups 130 companies manufacturing textile machines and equipment with a value of 3.1 billion EUR (US$3.46 billion) in 2015.

Related Keywords: current growth, domestic garment and textile industry, EVFTA, export turnover, FDI projects, fibre, garment production project, match progress of the country, revise development plan, target set in current plan, TPP, Vietnam garment sector, Vitas, VKFTA

The Vietnam garment sector has earned an export turnover of $27.5 billion in 2015. With the current growth, the domestic garment and textile industry wants to revise a development plan to 2020 with vision for 2030 to match the progress of the country. The sector has set export turnover at between $50 and $50 billion by 2020, instead of targets set in the current plan, according to Vietnam Textile and Apparel Association (VITAS).

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: AGTEK, due to limitations in capital, foreign investment continue increasing, India to include part of its investment, local small size firm, not fulfill requested orders, projects to manufacture textile and garment materials, take advantage of TPP, Vietnam textile and garment market, Vitas, Wave of merger and acquisition on rise

Vietnam has issued investment licences for 30 textile and garment projects in 2015 while foreign investment in industry was expected to continue increasing in the near future. A wave of mergers and acquisition has increased in the local garment and textile industry in a bid to take advantage of free trade agreements, especially the Trans Pacific Partnership (TPP), as the local enterprises are aware that they would not fulfill requested orders due to their limitations in capital, according to the HCM City Association of Garment - Textile - Embroidery - Knitting (AGTEK).

Related Keywords: depends on imported material, especially from China, global supply chain, industry production, join processing stages of cutting and sewing, lowest stages of the supply chain, not major production stages, production of materials and design, supply chain remains weak point, Vietnam local garment industry, Vinatex, Vitas

Vietnam's local garment industry that depends on imported material from abroad, especially from China which accounts for 50 percent of the material for the industry’s production. Also most of the machines, chemicals and textile dyes that Vietnam's garment industry uses need to be imported. That means the supply chain remains the weak point in Vietnam's garment sector for which it has taken a small step to join the processing stages of cutting and sewing in the global supply chain, said Vu Duc Giang, chairman of the Viet Nam Textile and Apparel Association (Vitas).

Related Keywords: American Chamber of Commerce, generate export revenue, global integration to facilitate Vietnamese garment and textile products, TPP, Vienam-European Union Free Trade Agreement, Vietnam Textile and Apparel Association, Vietnam top ten garment and textile exporters in the world, Vitas

Vietnam has been among the top ten garment and textile exporters in the world for the last 10 years. Last year, it ranked fifth after China, Turkey, Bangladesh and India. According to the Vietnam Textile and Apparel Association (Vitas) in the first nine months of this year alone, garment and textile exports totalled $20 billion, an increase of 10 percent over the same period last year.