Vietnam textile and garment

Hanoi (VNA) – Vietnam’s garment-textile sector sets a target of 39 billion USD in export revenue this year, equal to that of 2019, according to the Vietnam National Textile and Garment Group (Vinatex). Last year, due to impacts of the COVID-19 pandemic, the US-China trade tensions, the trade protectionism and the Brexit, Vietnam’s garment-textile exports reached only 35 billion USD. However, the result is still remarkable given the global demand dropping over 22 percent. In 2020, Vietnam was the only among the world’s top five garment-textile exporters not to have to cease production. Vinatex recorded total revenue of 15.5 trillion VND (670.7 million USD) and combined profits of 628.9 billion VND, equal to 106 percent and 164.8 percent of the set targets, respectively. Vinatex Chairman Le Tien Truong suggested the Government cut long-term interest rates, elaborating that garment-textile firms would find it hard to access loans after a year of low business … [Read more...] about Garment-textile sector eyes 39 billion USD in export turnover

It can be said that Vietnamese enterprises have never engaged in a bigger playground. However, to materialise opportunities generated by the agreement, To Hoai Nam, General Secretary of the Vietnam Association of Small-and Medium-sized Enterprises (VINASME) suggested businesses study the current regional and global supply chains to evaluate the impact of the pact on future business models.  … [Read more...] about RCEP: local enterprises stepping firmly forward

Accordingly, low-skilled manufacturing wages will rise at a moderate pace relative to Viet Nam’s regional competitors. However, specialised labour in manufacturing and services professions will remain scarce. In the field of investment, high-tech manufacturers will continue to enjoy incentives for many years to come. In addition, Viet Nam has joined many trade agreements and maintained good relations with trading partners, helping to reduce transaction costs for local businesses. … [Read more...] about Viet Nam to remain at centre of Asian supply chains: EIU