textile and garment
Latest News about textile and garment
The effectiveness of free trade agreements, especially the EU– Vietnam Free Trade Agreement, has helped to increase export orders for textile and garment enterprises in Vietnam,
Once JCPenney files for bankruptcy, hundreds of textile and garment stores, including those in Vietnam, will have to cease and desist orders.
Analysts say that Vietnam will be able to ease reliance on some trade partners because of the EVFTA.
The input material supply from China ha resumed, but some American and European buyers have asked to delay deliveries for the orders they had previously placed.
Following Zara and H&M, Uniqlo has arrived in Hanoi following its earlier opening in HCM City.
Textile and garment companies are facing double problem: they find it difficult to import input materials and cannot export their goods.
The number of garment orders for the next two months has decreased by 70 percent, while wooden furniture enterprises have cut capacity by 70 percent for next week. Automobile manufacturers have closed factories.
TNG Investment and Trading JSC (TNG) and Thanh Cong Textile Garment Investment JSC (TCM) are expected to benefit the most from the EU-Vietnam FTA (EVFTA), according to Bao Viet Securities.
In mid-March, when Chinese factories began resuming operation, material supplies to Vietnamese textile and garment enterprises were restored.
Although the free trade agreement between the EU and Vietnam will offer great opportunities for wood investors and exporters, its rules of origin may not provide a big boon to local textile and garment businesses.
Prime Minister Nguyen Xuan Phuc emphasized that it was necessary to settle six problems in the textile and garment industry to avoid losing important export markets.
After two years of hot development, Vietnam’s textile and garment industry could not fulfill the target of exporting $40 billion worth of products in 2019.
The experts attending the Vietnam Investment Professionals Forum (VIPF) all predicted that the picture of the Vietnamese stock market would be bright in 2020 with the VN Index likely to exceed 1,200 points.
According to Nguyen Phuong Dong, deputy director of the HCM City Industry and Trade Department, many industrial production enterprises are shifting their investments to neighboring provinces instead of to HCM City.
The number of orders that textile and garment companies have received for 2020 is just equal to 80 percent of that in the same period last year.
The target of exporting $40 billion worth of textiles and garments this year may be unattainable.
Vietnam is an attractive investment destination in the 4.0 era, but it has a weak point, limited automation capability.
Thirty-eight Vietnam’s textile and garment companies recently attended ‘Global Sources Fashion and Global Sources Lifestyle’, the biggest fashion exhibition in Hong Kong, to seek buyers.