Chairman of the Vietnam Textile & Apparel Association (VITAS) Vu Duc Giang said foreign garment and textile producers are expanding their operations in Vietnam to take advantages in the Vietnamese market.

He held that various free trade agreements (FTA), particularly new-generation deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam FTA (EVFTA) and Regional Comprehensive Economic Partnership (RCEP) to which Vietnam is a signatory is a locomotive for the sector to lure both domestic and foreign investors.

The management board of industrial parks of the northern province of Nam Dinh has granted an investment certificate to Hong Kong-based Crystal International Group to carry out its 60-million-USD Yi Da Denim Mill project.

The group has run various plants in the northern localities of Hai Duong, Hai Phong, Bac Giang and Phu Tho and the southern province of Binh Duong, with a combined export revenue of some 1 billion USD and generating jobs for 40,000 local workers.

Meanwhile, the world’s leading zipper producer YKK Corp. from Japan invested in its second plant at Dong Van industrial zone in the northern province of Ha Nam. According to YKK Vietnam General Director Yuji Furukawa, after 25 years of operation in Vietnam, YKK has increased its zipper productivity by 100 folds, and the number of workers seven folds to 2,800 labourers.

Earlier, YKK had to import several materials to provide its local customers. However, its Vietnamese plant is now able to manufacture all of YKK products and even ship them to foreign countries like Cambodia and Myanmar, he said.

Most recently, SAB Industrial Vietnam Company Limited under China's Weixing group put into operation its 62-million-USD factory in the north-central province of Thanh Hoa. Covering 66.44 hectares, the factory produces various items, including metal, plastic and nylon zippers, and plastic and metal buttons.

Besides helping the sector reduce its dependence on imported raw materials, FDI capital has played an important role in reducing manufacturing time and transport costs, making products become more competitive.

In Quarter 1 of 2024, Vietnam gained nearly 8 billion USD from garment and textile export revenue, with FDI firms contributing over 60% of the total.

Garment sector eyes 44 billion USD in export this year

The garment and textile sector has set a target of 44 billion USD in export turnover this year, up 10% year-on-year.

Vietnamese textile-garment sector logs record number of export markets

Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Blood and hair donation festival at Ha Phong Export Garment Export JSC

BAC GIANG - The Steering Committee for Voluntary Blood Donation (Steering Board) of Hiep Hoa District (Bac Giang province) and the Trade Union of Ha Phong Export Garment Joint Stock Company (Ha Phong JSC) recently coordinated with Vietnam – German Hospital to organize a blood and hair donation festival for cancer patients.

Vietnam introduces garment and textile products in India

The Vietnam Trade Office in India arranged a pavilion to introduce Vietnam's textile and garment products at Intex South Asia, an international textile sourcing show opened in New Delhi on December 7.

Textile and garment enterprises adapt to market fluctuations

The total export turnover of the textile and garment industry exceeded 26 billion USD in the first eight months of this year, down 16.4% over the same period in 2022 and only reaching 65.5% of the year’s plan. The textile and garment industry faces many difficulties due to declining consumer demand, increasing competition, and falling orders.

Restoring the growth of the textile and garment industry

The total export turnover of textiles and garments in the past 7 months amounted to 22.7 billion USD, down 14% compared to the same period in 2022. Although exports decline, the situation is improving as the downward momentum has narrowed to 14% compared to more than 20% in the first months of the year. To grow quickly, enterprises need to deploy solutions optimising production, actively apply technologies and switch to “green production” to increase market share in major markets.

Source: VNA