LONDON--(BUSINESS WIRE)--Vietnam’s textile and apparel industry has long been one of the most important contributors to the country’s export-oriented economy. Despite undergoing rapid transformations and facing different challenges in the sector, Vietnam still holds its position as one of the leading textile and apparel suppliers in the global market. Details about Vietnam’s textile and apparel exports, silk production and cotton production are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Vietnam textile and apparel exports to experience 7% growth in 2017
Vietnam’s total export value of textiles and apparel reached USD 27.2 billion in 2015, an increase of 9.43% from the previous year, making the country one of the top five textile and apparel exporters in the world, according to the USDA. In 2017, Vietnam’s textile and apparel exports have been projected to grow from 5% to 7%, due to the development of technology, the growing number of skilled workers, and newly issued preferential policies from the government.
Despite suffering from lack of raw textile material, the momentum of Vietnam’s textile and apparel export is expected to be bigger over the next few years, mainly driven by its low production cost and the beneficiaries of joining the Trans-Pacific Partnership (TPP).
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Vietnam’s silk production is in recovery
Vietnam produced about 450 metric tonnes of silk in 2015, making it the sixth largest silk producing country in the world. This figure has been considered as a great achievement since silk production was almost entirely abandoned by many silk producers in Vietnam between 2004 and 2014 due to an inability to compete with Chinese silk.
A more promising future is expected for Vietnam’s silk production as policies from government, such as land tax exemption and mulberry subsidy, have been issued, and new innovations and technologies have been applied to increase the silk production.
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Vietnam’s cotton product export rises, despite the decreasing cotton production
Cotton production in Vietnam has suffered a decline in recent years, mainly due to high production costs, lack of government support, and the shrinking cotton planted area. However, with the increasing demand for cotton yarns in the global market, especially China, the export of Vietnam’s yarn (cotton and other) rose 12% in 2015, totalling 961,777 tons.
While Vietnam’s cotton production may be falling, the country still holds its position in the global market. Although, it relies heavily on imports of raw cotton to sustain its production, but current prices and trade agreements mean that the future still looks bright for Vietnam’s textile and apparel industry.
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