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Rising exports give boost to textile machinery sector
14
Jul '10
Vietnam associates great importance to the growth of textile and apparel industry, thereby, depending on the industry as a key export power, as the overall textile and apparel production of the country for export is over 80 percent.

Of China, Mexico, India, Brazil, Pakistan and Cambodia, Vietnam is currently the seventh largest source of imports of textiles to US. In 2003, Vietnam's exports to US stood at $2.48 billion, which is over 131 percent rise in the number recorded last year; therefore the net amount rose by 161 percent.

European Union (EU) is Vietnam's second largest garment export market, after US, while Japan is the third biggest apparel market with no quota imposition. More so, US values the quality of apparels produced by Vietnam and ranks the same higher than other clothing producing nations like India, Pakistan and China.

As per Vietnamese Textile and Garment Corporation, it is time for Vietnamese apparel industry, to upgrade equipments to manufacture garments, thereby meeting US, Japan, Europe and other high-end fashion market's demands. For the same Vietnamese apparel industry will spend around $2.3 billion to improve their sewing techniques.

Vietnam's flourishing clothing industry has already lured many foreign sewing businesses, so much so that, they have their eyes set on the Vietnamese market and are looking for more chances for entering in to new businesses.

With an intention of investing for longer duration, two firms from Japan, Heavy Machinery and Brothers, have already launched a branch office in Vietnam. There is tremendous scope and attraction towards the Vietnamese market and hence these sewing firms decided to set foot, so as to capture this chance and help expand the Vietnamese apparel export market.

The clothing industry of Vietnam is considered as a hub of human resources, low-cost labourers, and low-priced globally competitive goods. Within the past two years, Vietnam's apparel industry has witnessed over 2,000 big and small factories set up Taiwan, South Korea, Mainland China, Singapore and Hong Kong. Investors such as these are thereby, helping surge the growth of Vietnam's apparel trade and are also raising the demand for apparel equipments.

In order to attain a rise of 20 percent of the target output in the next five years, Vietnamese textile and apparel industry will have to generate 1,600 new factories or workshops.

Fibre2Fashion News Desk - India

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