Home / Knowledge / News / Apparel/Garments / Vietnamese textile & apparel sector aims high
Vietnamese textile & apparel sector aims high
02
Jan '13
Vietnam has set out an objective to become one of the top five textile and clothing manufacturing and exporting nations by 2020 while simultaneously fostering social improvements and environmental wellbeing, according to a report in Issue No 159 of Textile Outlook International from the global business information company Textiles Intelligence.

In value terms, the industry has set an export target in the range US$20 billion-US$22 billion for 2020. It aims to achieve this leap forward by concentration on a strategy of specialisation and modernisation and an increase in added value.

The process of value addition has already started. Between 2005 and 2011, the added value rate of Vietnam’s textile and clothing exports increased markedly, from 30.2% to 47.8%. Over this time period, exports more than trebled from US$4.8 billion to US$15.8 billion.

The momentum continued into 2012 with textile and clothing exports during the first nine months of the year up by 7.4% compared with the corresponding period of the previous year, to US$11.14 billion.

That said, the export target for 2015 has had to be moderated to US$14 billion-US$16 billion, which is similar to the current level, in recognition of tougher economic conditions in its two main markets, the USA and the EU.

Looking further ahead, there are ambitious plans to achieve a strong advance in exports and retain the textile and clothing industry’s status as one of the country’s most important sectors.

To aid in these plans, the government has established a series of incentives to attract and encourage the kind of foreign direct investment (FDI) which is most likely to drive the country’s future development.

In addition, Vietnam has secured free trade agreements (FTAs) with a number of countries and regions. In particular, through its membership of the Association of Southeast Asian Nations (Asean), it benefits from the Asean China Free Trade Area (ACFTA), which is the world’s largest FTA in terms of the total population of its signatories.

In addition, again through its membership of Asean, it benefits from FTAs with Australia and New Zealand, India, Japan and South Korea. Also, it has bilateral FTAs with Israel and Japan.

Furthermore, Vietnam has entered into negotiations with the EU with a view to signing a comprehensive FTA. Most importantly, it has entered into negotiations to be part of the Trans Pacific Partnership (TPP), which aims to establish a free trade area for the Asia Pacific region.

Textiles Intelligence


Must ReadView All

Pic: Aura Blockchain Consortium

Fashion | On 21st Apr 2021

LVMH, Prada and Cartier form world's first global luxury blockchain

Three major luxury names—LVMH, Prada and Cartier, part of...

Pic: Shutterstock

Textiles | On 21st Apr 2021

India-Bangladesh MoU on cooperation in trade remedial measures

India's Cabinet chaired by Prime Minister Narendra Modi has given its ...

Pic: Infinited Fiber Company

Textiles | On 21st Apr 2021

Infinited Fiber plans to build €220 mn flagship factory in Finland

Circular fashion and textile technology group Infinited Fiber Company ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Farmers who produce seeds earn 50 per cent more

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Opportunity now to reimagine processes & systems in a digital environment

Shivendra Nigam,

Shivendra Nigam

Delhi-headquartered Cantabil Retail India Ltd was founded by Vijay Bansal...

Ismail Ajani,

Ismail Ajani

Hollywood Footwear’s story began in 1946 when Jummabhai Ajani started the...

Laxmikant Rathi,

Laxmikant Rathi

With more than 60 years of experience in the textile industry, Ideal...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

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

Leave your Comments


April 2021

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


Advanced Search