HANOI, Vietnam, May 19, 2022 (GLOBE NEWSWIRE) — The outlook for the global textile and apparel industry is expected to improve in 2022 and Vietnam continues to maintain its position as the top textile and apparel exporter in the American and European markets.
Figures from the General Department of Customs showed that in the first quarter of 2022, the value of the country’s textile and garment exports reached $8.68 billion, up 20.3 percent year-on-year, marking the highest strong increase in the last 10 years.
The United States continues to be the largest import market for textiles and clothing from Vietnam with a value of US$4.3 billion, followed by the EU with US$896 million and the Korea with 754 million US dollars.
The positive market signal and initial control of the COVID-19 pandemic will help Vietnam’s textile and apparel industry reach its export target of over $43 billion by 2022, according to the Vietnam Textile and Garment Association.
In addition, Vietnam will also have the opportunity to catch up with the trend of shifting the global supply of textiles and garments away from China and Vietnam is one of the most potential and favorable destinations for manufacturers, distributors of ‘import and export, wholesalers and retailers around the world.
To maintain their leading position and seize opportunities after COVID-19, textile companies are accelerating the technological upgrading of production lines and increasing labor productivity.
Take Hung Yen Garment Corporation (Hugaco), for example, the company has focused on investment in equipment, modern technology and digital transformation, helping to increase productivity by about 20%.
However, in order to create synergy to maintain the leading position, it is not only the efforts of the textile companies themselves, but also the contributions of industrial real estate developers to the textile industry.
Located in the northern province of Nam Dinh, the cradle of Vietnam’s textile industry, Aurora is one of the few IPs in Vietnam that meets the legal requirements and qualified service infrastructure to accommodate fabric dyeing establishments.
Developed by Cat Tuong Real Estate Group, one of the country’s leading real estate developers, Aurora’s infrastructure is designed synchronously with the country’s largest water supply and sewage treatment capacity as well as with the development of complex social infrastructures.
In 2020, even though the world was experiencing many challenges and difficulties caused by the COVID-19 pandemic and other complexities, Aurora IP still proves its attractiveness and unique value as a well-invested industrial park by concluding two agreements with a total investment exceeding $200 million for land lease agreements with two FDI investors to develop high-tech textile and dyeing projects.
With the entry into force of the EVFTA, customs duties were removed from 65% of EU exports to Vietnam and 71% of Vietnamese exports to the EU. Therefore, Vietnamese exports to the EU by 2025 are expected to increase by 42.7% by 2025, according to Vietnam’s Ministry of Planning and Investment.
“Aurora IP is delighted to play an important role in Vietnam’s leading position in the global textile market. Aurora IP understands that the attraction of foreign investment as well as the participation of domestic textile and garment enterprises plays an important role in the sustainable development of the country’s industrial park and textile industry,” Mr. Tran said. Quoc Viet – Chairman and CEO of Cat Tuong Group.
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