Vietnam’s Apparel and Textile Industry Holds Promising Future

 

Vietnam’s apparel and textile industry has overpowered the country’s crude oil market, which was earlier at the top position in terms of export, as per the news published by Apparelnews.net.

 

According to the Vietnamese General Statistics Office, the country shipped apparel and textiles worth US$ 7.5 Billion during the first ten months of 2009, mainly to the US and Europe. At present, the country’s government is expecting apparel export segment to earn market revenues worth US$ 9.3 Billion for entire 2009, and even beating the target of US$ 9.2 Billion set by the Vietnam Textile and Apparel Association (Vitas).

 

Since early 2009, the US has stopped checking Vietnamese apparel entering the country; as a result, the apparel-manufacturing sector of Vietnam has been growing at a faster pace.

 

The administration of the former US President George Bush adopted anti-dumping measures against Vietnam’s cut-price products, immediately after Vietnam’s WTO accession in January 2007.

 

After the eradication of the program, several garment companies of the US have been feeling confident and secure in trading with Vietnam, which is now regarded as the second largest supplier after China.

 

Recent global financial downturn led to a slowdown in export turnovers. To compensate this, local markets with assured success have been targeted by the garment sector. Some of the garment companies have gained from being well-established brands in the local market. As said by the customers, garment products made in Vietnam were performing well in the rural markets, backed by diverse designs, reasonable prices and good quality.

 

The textile and garment industry in Vietnam has rapidly developed in the recent years. Owing to a surging demand in both local and global markets, this industry has now become a fundamental activity in the country’s economy.

 

According to a Research Analyst at RNCOS, “The future of the textile and garment industry in Vietnam seems promising. Furthermore, the country’s government is highly supportive of this sector as sound incentives are being provided to draw foreign investments. For the textile and garment industry to develop, the Vietnamese government has drafted some ambitious plans. If the country manages to accomplish these plans, both exports and employment in this sector will grow at a good pace.”