Illustrative image (Source: VNA) Hanoi (VNA) – Export revenue of the garment and textile sector surged 21.2 percent year on year in the first five months of 2021 to about 15.2 billion USD, according to the Vietnam Textile and Apparel Association (VITAS). The association reported that fibre and yarn exports during January-May soared by 60.1 percent year-on-year to 2.1 billion USD, while that of fabrics also increased 26.4 percent to 947 million USD. In the period, Vietnam spent more than 10.2 billion USD on importing materials for the garment and textile industry, representing a 33.4 percent increase over the same period in 2020. The Ministry of Industry and Trade attributed the growth to positive signals from the country’s major export markets as well as domestic businesses’ effective utilisation of opportunities from free trade agreements (FTAs) which have been signed and put in place. The United States remained the largest importer of Vietnam’s garment and textile … [Read more...] about Garment-textile exports hit 15.2 billion USD in five months: VITAS
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STYLISH: A handbag within the AmReborn project made of recycled textiles and environmentally-friendly material. By Lương Thu Hương Tonnes of unwanted fabrics end up in landfills every year, seriously impacting the environment. However, if such discarded clothes are properly recycled, they could become elegant accessories like handbags, clutches or purses. Hoàng Huệ, a young businesswoman from Hà Nội, is transforming unwanted clothing into fashionable pieces. The idea for AmReborn, a project recycling thrown-away clothes, came to Huệ when she was rearranging her wardrobe and realised that like many others, she was keeping hold of a large amount of old and unused clothes. “While most of the old clothes will be discarded, some others will be preserved as keepsakes but will be wasted. At that time, I thought, why not give such clothes a second life while still being able to preserve their sentimental value in other forms like handbags,” she said. Huệ … [Read more...] about Project gives discarded clothes new lease of life
The 13th Party Congress Resolution says Vietnam aims to become a developed country with high income by 2045, when it will celebrate the 100th anniversary of the country's establishment. This means that Vietnam has 24 more years to reach that goal. And it will be very difficult to turn this into reality if Vietnam still cannot become a ‘developing country with modern industry and higher average income’ by 2030. Core technology Dang Vu Chu, former Minister of Industry, said Vietnam cannot become a country with modern industry if it doesn’t speed up the development of core technology. Chu, 81, was Minister of Light Industry and then Minister of Industry for 12 years. He was a special politician who was a a member of three cabinets under three PMs (Do Muoi, Vo Van Kiet and Phan Van Khai) and has a lot of experience from different development periods. He has been keeping a close watch over the country’s industrial development though he retired 20 years ago. Chu affirmed … [Read more...] about Will 24 years be enough for Vietnam to become a developed country with high income?
Industry insiders say the pandemic situation in HCMC, in particular, will drag the sector down in the remaining months of the year. The pandemic has already penetrated some industrial parks in HCMC, so if staff of garment and textile firms get infected, work would stop and fulfillment of orders would slow down, said Pham Xuan Hong, head of HCMC Association of Garment, Textile, Embroidery and Knitting (AGTEK). Garment and textile firms are labor-intensive affairs with many workers concentrating in certain places, so the risk of Covid-19 breaking out in factories is very high, said Le Tien Truong, chairman of Vietnam National Textile and Garment Group (Vinatex), adding that the production chain is likely to be broken amid the outbreak. Vinatex has 150,000 workers nationwide, with most of its affiliates having an average workforce of 2,000 each. In the first three waves of Covid-19, no Vinatex affiliates reported any Covid-19 infection. In the ongoing fourth wave, some enterprises … [Read more...] about Garment production may slow down over Covid-19
Vietnam’s digital economy presents chances for investors, start-ups The newswire techwireasia.com on June 16 ran an article saying that Vietnam has been steadily growing its highly promising digital economy, presenting multiple opportunities for investors, startups, and businesses alike. The author wrote that in recent years, the Southeast Asian region has been seeing rapid and sustained efforts and investment into various digital economy initiatives by both the public and private sectors. Tech giants have been creating waves, most recently the Tokopedia-Gojek merger, and earlier, Grab pushing for a US listing with a valuation of over 40 billion USD. Estimates by Google, Temasek, and Bain & Co predicted that the Vietnamese sector could grow to 52 billion USD by 2025, which comes up to about a sixth of the massive 300 billion USD regional digital economy pie. According to the article, backed by a stable political climate, progressive economic policies, and … [Read more...] about VIETNAM BUSINESS NEWS JUNE 18
The fourth wave of COVID-19 has changed the routines of many people working in industrial parks (IPs) in northern Vietnam. A worker of Samsung Company in Yen Phong IP, Bac Ninh Province, is vaccinated against COVID-19. — Photo laodong.vn As IPs play an important part in the country’s exports and local economic development, the re-emergence of the COVID-19 pandemic could cause disruptions to production and business activities, causing tens of thousands of workers to work alternate shifts or take temporary leave, said experts. To deal with the situation, Bac Ninh Province, which is home to 1,120 companies including big names such as Samsung, Canon, Foxconn and Microsoft, as well as about 450,000 workers in 10 industrial parks and 26 industrial clusters, started the first ever production-residence-combined model in the country to deal with the ongoing outbreaks in the IPs. Vu Ninh, who worked as a manager at Samsung’s vendor at the Yen Phong IP told Việt Nam News: “I … [Read more...] about Vietnam to protect production at industrial parks