Many textile and garment businesses have signed orders for 2019 2018 targets exceeded Pham Xuan Hong, Chairman of the Association of Garments, Textiles, Embroidery and Knitwear of Ho Chi Minh City (Agteck) said textile and garment exporters have experienced good business in 2018 and are working hard to accomplish 2018 orders for on-time delivery. Dang Trieu Hoa, Chairman of the Board and General Director of the Century Synthetic Fiber Corporation (STK) said that in the first nine months of this year, his corporation’s domestic sales increased about 13 percent over the same period last year and exports grew to represent 58-60 percent of the corporation’s total revenue (compared to 56 percent in 2017). STK is expected to reach sales of more than VND2.35 trillion this year, Hoa said. Positive market changes and the increasing use of recycled yarn by world leading fashion brands have brought in a large number of orders in the third and the fourth quarter of this year, … [Read more...] about Textile and garment industry: Optimistic 2019 outlook
The result demonstrates the ceaseless efforts of enterprises in seeking and expanding markets, applying advanced technology in enhancing quality of their products, and improving their competitiveness. Stable sources of orders The number of orders won by Vietnamese garment companies is abundant, creating stable job and income for labourers. According to Chairman of the Board of Directors of Hung Yen Garment Corporation (Hugaco) Nguyen Xuan Duong, Hugaco reported an export revenue of around US$310 million in 2018, up 8% over the yearly estimate in spite of tough competition from Bangladesh, Cambodia, Indonesia and India. Duong noted that Hugaco's subsidiaries have also won bulk orders to export products by the end of April and even by the end of June 2019. However, he expressed his worry about the trade war between the US and China which may affect the Vietnam's garment and textile industry. As one of the largest garment firms in the southern province of Dong Nai, Dong Nai Garment … [Read more...] about Promoting growth of garment and textile exports
Illustrative image (Source VNA) Hanoi (VNA) – Vietnam has become increasingly appealing to large foreign investor groups in the textile and garment industry who want to seize opportunities before the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in January next year, according to analysts. German-based Amann Group, one of the world’s top three leading producers of high-quality sewing and embroidery threads, is expanding its network to Vietnam with a new factory being constructed on a 45,000sq.m ground at Tam Thang Industrial Park in the central province of Quang Nam. The new facility will be added to Amann’s existing network of factories in various countries across Asia, including Bangladesh, China, India, and Indonesia. At the new production site, the group will produce around 2,300 tonnes of sewing threads per year, mainly for the manufacture of apparel and shoes. The first phase of the project is scheduled to … [Read more...] about FDI firms expand local textile-garment sector to maximise on CPTPP
The factory of the Far Eastern New Apparel Vietnam Co. Ltd in Bac Dong Phu Industrial Park, Binh Phuoc province (Photo: VNA) Hanoi (VNA) – The garment-textile sector has grossed over 36 billion USD in export turnover this year, up 16.01 percent against the previous year, heard a conference in Hanoi on December 14. Vu Duc Giang, Chairman of the Vietnam Textiles and Apparel Association (VITAS), said at the conference that this is the highest rise over the past three years, compared with 12.1 percent in 2015, 4.07 percent in 2016, and 10.8 percent in 2017. In 2018, the export turnover of clothes hit 28.78 billion USD, up 14.45 percent; while that of fabric was 1.66 billion USD, up 25.5 percent; and the export values of yarn reached 3.95 billion USD, up 9.9 percent, according to Le Tien Truong, General Director of the Vietnam National Textiles and Garment Group (Vinatex). The sector ran a trade surplus of some 17.86 billion USD throughout the year, representing a year-on-year … [Read more...] about Garment-textile export turnover sees highest growth in three years
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?