After a good 2017 for garment and textile sector, 2018 too began on an impressive note for Vietnam with the first 3 months seeing the country achieve 22.4% of its export target. Besides, Vietnam signed CPTPP in March, got a fresh impetus to EU-Vietnam FTA, reaped the benefits of the US-China trade war, saw an increase in foreign investment and finally exceeded the export turnover target. There could not have been a better way to enter 2019.
Here is a list of biggest news that happened in the Vietnam apparel industry.
Surge in Exports
Vietnam sees highest apparel and textile export turnover in 3 years
Despite, the garment and textile export target being revised to US $ 35 billion in June 2018, the industry easily managed to exceed the target to clock US $ 36 billion – highest in last 3 years.
Read full story here: https://vn.apparelresources.com/business-news/trade/vietnam-sees-highest-apparel-textile-export-turnover-3-years/
Vietnam achieved 22.4% of its 2018 garment & textile export target already
The first 3 months gave a clear indication that the apparel and garment exports were on the right track with the figures being US $ 7.62 billion, equal to 22.4% of the target set for 2018.
Read full story here: https://vn.apparelresources.com/business-news/data/vietnam-achieved-22-4-2018-garment-textile-export-target-already/
Vietnam’s apparel and textile export increase in first 8 months
According to VITAS, the country’s garment and textiles generated US $ 19.4 billion in the January to August period of 2018.
Read full story here: https://vn.apparelresources.com/business-news/data/vietnams-apparel-textile-export-increase-first-8-months/
Sustainable Initiatives
Water risk management needed in Vietnam apparel sector: World Wildlife Fund
VITAS and WWF joined hands to launch a water risk report for Vietnam’s garment and textile industry.
Read full story here: https://vn.apparelresources.com/business-news/sustainability/water-risk-management-needed-vietnam-apparel-sector-world-wildlife-fund/
Vietnam textile association collabs with WWF for greener garment sector
In its efforts to go green, VITAS and WWF have initiated a project wherein they aim towards improving water management and energy sustainability.
Read full story here: https://vn.apparelresources.com/business-news/sustainability/vietnam-textile-association-collabs-wwf-greener-garment-sector/
India-Vietnam Relations
There is huge potential to improve textile trade with Vietnam: India
K Srikar Reddy, Indian Consul General, said that both India and Vietnam have huge opportunities to promote textile trade relations between them.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/huge-potential-improve-textile-trade-vietnam-india/
India seeks investment from Vietnam, projects itself as key raw material, machinery supplier
To boost trade relations between India and Vietnam and encourage investment, the Government of India organised a conference in Vietnam with an aim to boost trade ties.
Read full story here: https://vn.apparelresources.com/business-news/trade/india-seeks-investment-vietnam-projects-key-raw-material-machinery-supplier-2/
Vietnam Gaining from US-China Trade War
Vietnam’s apparel exports to witness increase amidst trade war
Amidst the trade war between USA and China, the garment exports in Vietnam saw a good rise to attain the projected export target.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/vietnams-apparel-exports-witness-increase-amidst-trade-war/
Sports apparel firm Brooks latest to shift operations to Vietnam due to US-China trade war
As a result of the trade war between USA and China, Brooks, US-based sports apparel company, considers moving its manufacturing operations from China to Vietnam in order to avoid higher taxes
Read full story here: https://vn.apparelresources.com/business-news/sourcing/sports-apparel-firm-brooks-latest-shift-operations-vietnam-due-us-china-trade-war/
Growing Investment Opportunities in Vietnam
Investment from Hong Kong to bolster Vietnam’s apparel and textile sector
Recent trade agreements between Hong Kong and Vietnam is expected to go a long way in enhancing Hong Kong’s apparel and textile industry.
Read full story here: https://vn.apparelresources.com/business-news/trade/investment-hong-kong-bolster-vietnams-apparel-textile-sector/
Vietnam’s apparel export to South Korea surges in first 7 months
Vietnam exported garments and textiles worth US $ 1.5 billion to South Korea during the January to July phase of 2018, which is a whopping y-o-y jump of 24.8 per cent.
Read full story here: https://vn.apparelresources.com/business-news/data/vietnams-apparel-export-south-korea-surges-first-7-months/
Japanese investment scales up in Vietnam’s apparel and textile sector
Many Japanese firms plan to enhance their investment into Vietnam’s garment and textile sector, which may soon turn the latter into a global manufacturing hub.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/japanese-investment-scales-vietnams-apparel-textile-sector/
Japan’s trading firm Itochu intends to transform Vietnam into ‘big’ textile export hub
Itochu, a major trading house in Japan, has spent almost US $ 46.9 million in Vinatex to increase its stake to 15 per cent.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/japans-trading-firm-itochu-intends-transform-vietnam-big-textile-export-hub/
German thread manufacturer, AMANN, opens production site in Vietnam
Amann Group, the German-based firm that produces world class quality of sewing and embroidery threads, will be soon expanding its presence in Vietnam.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/german-thread-manufacturer-amann-opens-production-site-vietnam/
Kraig Biocraft Labs launches its newly formed spider silk production subsidiary in Vietnam
Kraig Biocraft Laboratories, a prominent developer of spider silk based fibers, recently opened its newly formed spider silk production subsidiary, Prodigy Textiles Co. Ltd in the Quang Nam province of Central Vietnam.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/kraig-biocraft-labs-launches-newly-formed-spider-silk-production-subsidiary-vietnam/
Denim
‘Made in Vietnam’ denim apparels continue to rule US market
The latest figures released by OTEXA and analysed by Apparel Resources highlighted Vietnam’s growth in skirts, jackets, Men & Boys (MB) jeans and Women & Girls (WG) jeans, of denim apparels, mainly with regard to Vietnam’s denim exports to USA.
Read full story here: https://vn.apparelresources.com/business-news/data/made-in-vietnam-denim-apparels-continue-to-rule-us-market/
Vietnam clocks US $ 148 million in its denim apparel exports to the USA till July ’18
In the January to July period of 2018, Vietnam exported denim apparels worth US $ 148.67 million to USA – a growth of 37. 8 per cent.
Read full story here: https://vn.apparelresources.com/business-news/data/vietnam-clocks-us-148-million-denim-apparel-exports-usa-till-july-18/
CPTPP
CPTPP to speed up Vietnam’s textile sector’s growth
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signed in March 2018, is expected to enhance the growth of Vietnam’s exports, particularly the textile and garment sector.
Read full story here: https://vn.apparelresources.com/business-news/sourcing/cptpp-speed-vietnams-textile-sectors-growth/