Garment-textile export turnover was estimated at 14.5 billion USD in January-May 2019 (Photo: VNA) Hanoi (VNA) – Vietnam’s total garment-textile export turnover was estimated at 14.5 billion USD in the first five months of 2019, a year-on-year rise of 9.11 percent. Apparel exports hit 11.2 billion USD, fabric 856 million USD, and yarn 1.6 billion USD, according to the Vietnam Textile & Apparel Association (VITAS). Meanwhile, the industry imported 9.3 billion USD worth of materials and accessories, up 12 percent from the same period last year. VITAS has set the industry’s export turnover target this year at 40 billion USD, a 10.8 percent year-on-year increase from 2018. In January-May, fruit and vegetable exports stood at 1.83 billion USD, a year-on-year increase of 10.3 percent. China was the top fruit and vegetable export market, accounting for 74.26 percent of market share, followed by the US at 3.16 percent, the Republic of Korea with 3.03 percent and … [Read more...] about Garment-textile, fruit-vegetable exports surge
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VietNamNet Bridge - PM Nguyen Xuan Phuc, at a conference held in late December, said the localization ratio in the textile and garments, and footwear industries, has risen to 40-45 percent. The localization ratio in textile & garment industry has risen to 40-45 percent Experts all agree that poor supporting industries are the major reason hindering Vietnam from joining global supply chains. However, this is no longer true in the textile and garment industry. Vietnam has made a big leap in developing textile and garment supporting industries thanks to the government’s policy and enterprises’ hectic preparations for Free Trade Agreements, which set high requirements on the origin of products. The HCMC-based Hung Xuong Chemicals has obtained Bluesign, an European certificate on environmentally friendly products and workplace safety, which is considered a solution for sustainable textile production. RELATED NEWS Garment manufacturers feel pressure from … [Read more...] about Localization ratio in textiles & garments goes up
A corner of Binh Duong Garment Company Ltd. (Photo: VNA) The industry’s trade surplus is expected to reach $20 billion this year. Employment will be ensured and income for 2.85 million workers would be increased, said VITAS. These targets were based on a successful year in 2018, when export turnover of garments and textiles products reached more than $36 billion, marking a year-on-year increase of 16 per cent. This level of growth would make the nation one of the top three largest exporters of textiles and garments in the world. In addition, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into effect last month, was expected to help the economy grow by 1.3 per cent. It should boost export turnover by 4 per cent. The textile and garment industry is seen a key sector with many opportunities to expand the market. Chairman of VITAS Vu Duc Giang said the signs for order statuses for 2019 were also very positive. Many businesses already … [Read more...] about Vietnam targets $40 billion in exports from textile and garment industry
Viet Nam News HÀ NỘI — Việt Nam had become increasingly appealing to large foreign investor groups in the textile and garment industry who wanted to seize opportunities when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in January next year, according to analysts. $18 billion trade surplus VITAS Chairman Vũ Đức Giang said the sector was estimated to earn $36 billion from exports this year, a year-on-year increase of about 16 per cent. Giang said that many enterprises had been working on completing a textile and garment supply chain. Next year, the textile and garment industry has set a target of $40 billion in export value, a year on year increase of 10.8 per cent, and a trade surplus of $20 billion. To reach the target of $40 billion, the association has recommended enterprises focus on investment, markets, human resources and the application of scientific and technological advances. The … [Read more...] about FDI firms expand in local textile-garment sector
VietNamNet Bridge - The textile & garment export turnover in the first 10 months of the year reached $25.15 billion, an increase of 17.1 percent compared with the same period last year, partly due to the trade war between the US and China, according to the Ministry of Industry and Trade (MOIT). The textile & garment export turnover is on the rise The US continues to be the biggest export market for Vietnam, bringing about 50 percent of total export turnover. MOIT confirmed that exports increased sharply partly thanks to the trade war as orders left China for Vietnam. Vietnam is expecting rapid growth rates in the export of textiles and garments, which will see the biggest benefits from the US-China trade war. The Chinese yuan is depreciating against the US dollar and against the Vietnam dong as well. This allows Vietnamese enterprises to import fabric and input materials from China at lower prices. Meanwhile, Vietnam can obtain bigger market share in the US as … [Read more...] about Can Vietnam’s textile & garment industry benefit from the trade war?