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Japanese zipper-maker YKK will begin operations at its second plant in Vietnam in October, reported the Japan Times. YKK R&D Center. Photo: YKK The company plans to increase its production capacity by 40 per cent in the fiscal year through March 2021 compared with fiscal year 2017. YKK Vietnam Co., YKK’s local subsidiary, built the plant at the Dong Van III Industrial Zone in the northern province of Ha Nam, some 40 km south of Hanoi, with total investment of $59.9 million. Adding to its existing plant in the southern province of Dong Nai, the new 51,000 sq m site will shorten delivery times to garment makers in Vietnam’s north. It is also expected to respond to garment production shifting from China to Vietnam. The parent group opened an R&D Center at YKK Vietnam last year, which brought its number of development sites to 36 (eight of which are R&D centers) and its number of R&D personnel to 945 as at the end of 2018. Aside from zippers, YKK also … [Read more...] about Japanese zipper-maker YKK to open second Vietnam plant

Vietnam Textile and Apparel Association (Vitas) said the total export value of textiles, fiber, and cloth reached US$25.7 billion in the first 8 months of the year, up 8.6 per cent year on year, including 60.6 per cent from FDI enterprises. Workers at the TNG Thai Nguyen Investment and Trading JSC produce garments for export. Viet Nam’s textile export value rose almost 9 per cent in eight months of this year. The textile and garment industry spent $14.9 billion to import textile and garment materials for production, up 2.3 per cent year on year, including 62 per cent from FDI enterprises. The industry’s trade surplus in the first eight months reached $10.8 billion. According to the Ministry of Industry and Trade, domestic textile enterprises face many challenges in production and business activities. The US-China trade war has affected exchange rates, leading to higher prices of processed goods in Viet Nam compared to regional competitors such as South Korea and … [Read more...] about Vietnam’s textile export value up almost 9% in eight months

Customers browse handicraft products at a shop in Hanoi. Photo news.lota.vn The latest addition has brought the export turnover of these products to $190 million in the first five months of 2019, up 43 per cent year-on-year, the data shows. These positive figures were attributable to a booming demand of handicraft products, especially those made from bamboo, rattan and leaves, in the global market, online Nguoi Lao Dong (The Labourers) newspaper cited the Handicraft and Wood Industry Association of HCM City (Hawa) as saying. For example, more and more retirees in European countries are decorating their houses, resulting in high demand for handicraft products, Hawa said, adding that the proportion of people who bought handicrafts as gifts has also increased. According to Hawa, there remains huge potential for Vietnamese fine art and handicraft producers to accelerate their exports to overseas markets including major outlets such as the US, the EU and Japan and … [Read more...] about Fine art and handicraft exports surge in five months

The target of exporting $40 billion worth of textiles and garments this year may be unattainable. "In Vietnam, there are about 100 spinning factories operating, but most of them are facing a difficult situation," said Luong Vu Ngoc Duy, Director of Zara Textile. The target of exporting $40 billion worth of textiles and garments this year may be unattainable. Duy from Zara also said the orders this year are for shorter terms. The company even has to accept short 1-month orders. Zara now exports products to Japan, South Korea and China, of which China is the largest market. Duy said the orders from China are enough for the factory’s capacity, while there are not many orders from Japan and South Korea. Linh Ha  Vietnamese textile and garment firms aggressively seeking more orders Thirty-eight Vietnam’s textile and garment companies recently attended ‘Global Sources Fashion and Global Sources Lifestyle’, the biggest fashion exhibition in Hong Kong, … [Read more...] about VN textile and garment industry may fail to reach $40 billion target

BRUSSELS -- U.S. disruption of the global economic order reaches a major milestone on Tuesday as the World Trade Organization (WTO) loses its ability to intervene in trade wars, threatening the future of the Geneva-based body. Two years after starting to block appointments, the United States will finally paralyze the WTO’s Appellate Body, which acts as the supreme court for international trade, as two of three members exit and leave it unable to issue rulings. Major trade disputes, including the U.S. conflict with China and metal tariffs imposed by U.S. President Donald Trump, will not be resolved by the global trade arbiter. Stephen Vaughn, who served as general counsel to the U.S. Trade Representative during Trump’s first two years, said many disputes would be settled in future by negotiations. Critics say this means a return to a post-war period of inconsistent settlements, problems the WTO’s creation in 1995 was designed to fix. The EU ambassador to the WTO told … [Read more...] about U.S. trade offensive takes out WTO as global arbiter