The apparel production scale in Asia will expand 2.4 per cent by 2030, accounting for over 60 per cent of global outputs, chairman of Vietnam Cotton and Spinning Association (VCOSA) Nguyen Van Tuan said at a conference in Hanoi on Thursday, the Vietnamese media has reported.
Tuan, who was speaking at the Vietnam Textile Summit, said several free trade agreements such as the one with South Korea will turn Vietnam into one of the primary destinations of the global supply chain and open up huge opportunities for the domestic garment industry.
In order to effectively grasp these opportunities, the local garment sector should make a greater effort in calling for foreign and domestic investments in its weakest areas, Dang Phuong Dung, deputy vice chairperson and general secretary of Vietnam Textile and Apparel Association said, adding that closer links between garment producers and raw material suppliers are also necessary.
At the summit, textile and garment groups, as well as industry insiders, shared the latest information on the world garment market, untapped chances awaiting Vietnamese apparel businesses, as well as the investment tendencies of international garment companies.
President of the US Fashion Industry Association Julia K Hughes said many American companies are willing to seek supply sources from nations joining the TPP agreement once it takes effect, and Vietnam is ranked highest in terms of the ability to draw new businesses.
According to VCOSA, nine years after joining the WTO, the country's garment-textile sector has increased its market share in the US to 10 per cent from the previous 3 per cent, second only to China.
Last year, the sector saw an impressive growth of 17 per cent in Europe, 12.5 per cent in the US, 9 per cent in Japan, and 27 per cent in South Korea, it said. (SH)
Fibre2fashion News Desk – India