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Vietnam to showcase investment prospects in textile sector
11
May '15
Vietnam’s textile industry is hoping that some of the world’s biggest garment and textile groups such as Puma, H&M, Li & Fung, Adidas and the United States Fashion Industry Association (USFIA) will participate in the 2015 edition of Vietnam Garment and Textile Forum, the Vietnamese media has reported.

The event begins in Hanoi on June 25 and will end on June 27. During the event, foreign groups and leading economists are expected share information on the international garment and textile market, the size of Vietnam’s garment and textile industry and its market, the world trend, and global supply chain of leading trademarks.

Participants in the event will be taken on a fact-finding tour of Rang Dong industrial park in the northern province of Nam Dinh to assess the favourable investment climate for investors in Vietnam.

Vietnam’s garment and textile industry has rapidly developed recently. The country has become a leading garment and textile exporter alongside China, India, Turkey and Bangladesh.

Last year, the industry’s export turnover surged nearly 17 per cent to $24.5 billion and its products have been exported to 180 countries. With more than 4,000 businesses operational, the country’s garment and textile industry has generated 4.5 million jobs. The industry is expected to enjoy preferential tariffs from the signing of Free Trade Agreements (FTAs).

Le Tien Truong, vice president of the Vietnam textile and apparel association (Vitas) said local businesses have seized opportunities to expand market and attract foreign investment.

Nine years after joining the WTO, Vietnam’s share in the US garment and textile market has increased constantly from 3 per cent to 10 per cent , second only to China.

Last year, Vietnam’s garment and textile export revenue achieved an impressive growth in major markets with 17 per cent in Europe, 12.5 per cent in the US, 9 per cent in Japan and 27 per cent in South Korea. This year, Vietnam is targeting $28.5 million from garment and textile exports. (SH)

Fibre2fashion News Desk - India

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