Home / Knowledge / News / Apparel/Garments / Bright outlook for Vietnamese garments & textiles in 2014
Bright outlook for Vietnamese garments & textiles in 2014
03
Apr '14
The Vietnamese garment and textile industry has grown at a healthy rate in the first quarter of the current year, and the outlook for the whole year is bright, according to the Ministry of Industry and Trade, reports Viet Nam News.
 
According to the Ministry, the Vietnamese garment and textile industry recorded its highest growth of 20.2 percent in the initial three months of 2014, compared to the growth rate of 4.9 percent for the entire industrial sector.
 
The exports of garments and textiles from Vietnam also surged up by 21.9 percent to US$ 4.5 billion in the first quarter of the current year.
 
The Ministry said several apparel and textile producers had bagged enough orders to last until the end of the third quarter, while some companies have orders till the end of the year. All manufacturing units are currently operating at their full production capacity to meet the spur in demand.
 
Meanwhile, in order to take benefit from the Trans-Pacific Partnership (TPP) and other trade agreements that are likely to be signed later this year, domestic textile and clothing producers have also increased their investments in fibre manufacturing, knitting, dyeing and apparel production.
 
The TPP has currently entered the final rounds of negotiations, is expected to reduce taxes on Vietnamese textiles and apparel while entering into any of the other 11 TPP member countries, including the US, Australia, Canada and Japan.
 
However, the TPP is likely to incorporate the ‘yarn forward’ principle, wherein Vietnamese garments made using yarn and fabric made only in any of the 12 TPP member countries would be able to enjoy lower tariffs for exporting to the other TPP members.
 
But, currently, most of the yarn and fabric imported by Vietnam comes from China, which is not a member of the TPP. Hence, to take full advantage of the TPP, Vietnamese firms need to make heavy investments in textile manufacturing, processing and dyeing sectors.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 4th May 2016

Ahead of FTA talks with China, Lanka worried about TPP

Even as Sri Lanka prepares for the third round of talks for a Free...

Textiles | On 4th May 2016

IMF predicts Asian growth to remain strong

The International Monetary Fund (IMF) expects growth in Asia and the...

Courtesy: GMAC Cambodia

Apparel/Garments | On 4th May 2016

Cambodia’s garment exports rise 13% in Q1

Garment and footwear exports from the Southeast Asian nation of...

Interviews View All

Vivek Kumar Rawal
BioRe India Ltd.

How is the demand for Indian organic cotton in the world market? What is...

Dharmendra Shah
Ozone PB Spintex Limited

How has the Indian spinning industry fared in the last two years? What...

Claudia Kersten
Global Organic Textile Standard

What benefits can MSMEs have from GOTS certification? What is the...

Carlos Richer
Richer Investment

Mr. Carlos Richer is the Director of Richer Investment, Diaper Consulting...

Johan Berlin
InvestKonsult Sweden AB

<i><b>Investkonsult Sweden AB has been buying and selling second-hand...

Brian J. McCarthy
TechniTex Faraday Limited

Mr. Brian J. McCarthy is the Director of TechniTex Faraday Limited Sector, ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search