Home / Knowledge / News / Textiles / Vietnam's textile industry looks beyond 2020
Vietnam's textile industry looks beyond 2020
04
May '16
After it overtook the export target with five years to spare, Vietnam's garment and textile industry wants to revise a development plan to 2020 with vision for 2030, to match the industry's progress.

The current plan was approved in April 2014, and it is expected that Vietnam garment exports will reach between $20 billion and $25 billion by 2020. However, in 2015, the garment sector already earned an export turnover of $27.5 billion. All the garment and textile businesses have actively taken advantage of opportunities through trade agreements such as the Vietnam-Korea Free Trade Agreement (VKFTA), and Vietnam-EU Free Trade Agreement (EVFTA). Vietnam is now poised to leverage the Trans-Pacific Partnership (TPP), the Vietnam News has reported.

But despite the handsome export revenues, Vu Ð?c Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas) said the industry was facing numerous challenges as many of its companies had closed down or halted production. Therefore, the industry wanted the Government to revise the plan as it was inappropriate and regressive. The Government should outline another long-term plan until 2040 to help the industry's progress go in line with the country's economic development.

According to Vitas, with the current growth, the sector has set export turnover at between $40 billion and $50 billion by 2020, instead of targets set in the current plan.

Vitas estimated that between 1988 and 2012, the sector attracted 1,551 FDI projects. Of this figure, there were 1,193 garment projects and 358 fibre production projects with a total investment of $3.5 billion. Thanks to the FDI influence, such businesses brought $2 billion into Vietnam to the garment sector in 2015.

As a result, the total export turnover of the garment sector reached $24 billion in 2014 and $27.5 billion in 2015, and it is expected to reach $31 billion by late 2016.

Giang said that apart from the five key export products, Vietam also exported various kinds of fibre with an export turnover of over $3 billion annually and different types of fabric with a turnover of $1 billion per year.

Apart from the rapid production scale and strong export growth, the garment sector has also coped with unresolved shortcomings. These shortcomings needed to be handled soon to make the sector's development sustainable.

Vitas also wants the government to initiate policies to attract investments in this sector, including high-quality fibre production and dyeing projects. It has also asked the government to take a relook at industrial parks or key economic zones including those from the garment and textile sector.


Must ReadView All

Two slabs of GST will affect Bengaluru garment units: SIGA

Apparel/Garments | On 23rd Jan 2018

Two slabs of GST will affect Bengaluru garment units: SIGA

The South India Garment Association (SIGA) has voiced its concern...

US FTC updates textile rules to drop obsolete requirement

Textiles | On 23rd Jan 2018

US FTC updates textile rules to drop obsolete requirement

The US Federal Trade Commission has eliminated an obsolete provision...

Indian textile industry at inflection point: Report

Textiles | On 23rd Jan 2018

Indian textile industry at inflection point: Report

The textile and apparel sector of India is at an inflection point...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search