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Industry News | Time: Jun 22 2017 5:24PM
[2017 China Yarn & Fabric Summit (The 6th Imported Yarn Forum)] Vietnam Textile Industry & Fabric Production Without TPP
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Mr. Nguyen Binh An - Secretary General, Vietnam Cotton and Spinning Association (VCOSA) gives his report Vietnam Textile Industry & Fabric Production Without TPP.

Firstly, Mr. Nguyen reviewed the situation of Vietnamese textiles and apparel industry in 2016.
1. Nearly 6,000 enterprises, among that 30% were FDI.
2. Recruit more than 2.5 million workers.
3. Contribute 10% of total industrial manufacturing value and 8% of GDP.
4. Export turnover reached over 28 billion USD in 2016, accounted for 15-16% of total export turnover of Vietnam, increased by 4% compared with 2015.
5. Top 5 of world leading garment exporters.
6. Total import turnover reached 16.97 billion USD in 2016, increased by 2.7% compared with 2015.

Secondly, he introduced industry growth brought by Free Trade Agreements. By 6/2016, there were totally 1,865 projects registered in Vietnam in textile with the value was about 14.4 billion USD. He also reviewed the growth of exports after signing FTAs with other countries.

Thirdly, he described the Vietnam textile and garment industry after US withdrawal from TPP. Main subjects were also interested in investing in fabric production in Vietnam without TPP. He mentioned that the goals of the industry were to try to maintain the annual growing rate of 6-8% during the period of 2017-2025 and promote domestic fabric production, meeting the needs of the industry.

Fourthly, he presented the advantages and challenges of fabric production in Vietnam including cheap labor force, average minimum wage, low product cost and corporate tax incentive etc.

Fifthly, he put forward his thought about Vietnam-China textile supply chain. He proposed both parties to close exchange on textile industry and to think about how to cooperate and develop harmoniously.

At last, he mentioned the opportunity for relocation of fabric production to Vietnam. Vietnam hopes to attract China鈥檚 companies to invest in Vietnam through incentives policies.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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