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| Viet Nam is trying best effort to be a part of the global production chain, contributing into the world's production. — Photo vosco.gov.vn |
HA NOI (Biz Hub) — The apparel production scale in Asia will expand 2.4 per cent by 2030, accounting for over 60 per cent of global outputs.
This was announced by chairman of Viet Nam Cotton and Spinning Association (VCOSA) Nguyen Van Tuan at a conference in Ha Noi on Thursday.
At Viet Nam Textile Summit 2015, Tuan said, several free trade agreements such as the trade pacts Viet Nam and South Korea were reached, and they will turn the country 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 Viet Nam Textile and Apparel Association said, adding that closer links between garment producers and raw material suppliers are also necessary.
President of the US Fashion Industry Association Julia K Hughes said many US companies are willing to seek supply sources from nations joining the TPP agreement once it takes effect and Viet Nam is ranked highest in terms of the ability to draw new businesses.
According to VCOSA, nine years after joining the World Trade Organisation, the country's garment-textile sector has increased its market share in the United States 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 United States, 9 per cent in Japan, and 27 per cent in South Korea, it said.
Over the past six months of this year, garment exports earned the country $12.18 billion, up 10.26 per cent year-on-year. The United States continued to be the largest importer of Viet Nam's textile and garment products, accounting for 42 per cent of the total export value of $5.18 billion, a surge of 11.01 per cent.
During the three-day conference, which ends today, 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. — VNS