REDUCING IMPORTED RAW MATERIAL DEPENDENCE IN LEATHER & FOOTWEAR INDUSTRY
A major challenge for Vietnam's leather and footwear industry is its heavy reliance on imported raw materials like leather, synthetic materials, fabrics and accessories, despite ongoing efforts to boost local sourcing.
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
VIETNAM’S TEXTILE SECTOR BRINGS IN $37 BILLION IN FDI
The foreign-invested enterprises play an important role in the textile and garment sector, contributing 65 per cent to the sector’s total export turnover. Major investors mainly come from South Korea, Taiwan, Hong Kong, and China. Among them, South Korea is the largest foreign investor in Vietnam’s textile and garment sector.
MANUFACTURING SEES MODEST UPTICK IN JANUARY
The resurgence was primarily driven by expansions in new orders and production, propelled by a modest rise in total new business. Both domestic and export markets exhibited signs of recovery, prompting firms to increase production volumes, with intermediate goods producers experiencing the most significant upturn.
TEXTILE EXPORTS IN 2023 FACE MOST DIFFICULT YEAR IN THREE DECADES
This year is predicted to be difficult for textile and garment businesses following a challenging 2023. Expanding customer bases and diversifying products are the necessary solutions to maintain production and grow businesses, experts say.
TEXTILE, GARMENT INDUSTRY TARGETS US$44 BILLION EXPORT TURNOVER NEXT YEAR
Export turnover of the textile and garment sector is expected to reach US$44 billion in 2024, up 9.2 percent against 2023, according to the Viet Nam Textile and Apparel Association (VITAS). This year, the sector's export value is projected to fall by 9.2 percent year on year to US$40.3 billion due to decrease in orders and price as well as fiercer competition, said VITAS President Vu Duc Giang.
HIGH COSTS HURDLE TO RECYCLING IN TEXTILES
Textile producers see recycling as the go-to solution to the environmental woes in the industry, but they are facing some obstacles to turning waste into value. Hứa Phú Doãn, Deputy Director of the Việt Nam Waste Recycling Association, underlined several obstacles in the way of producers trying to recycle waste.
VIETNAM, ROK STRENGTHEN TEXTILE COOPERATION
Seoul – The Vietnam Textile and Apparel Association (VITAS) and the Korea Federation of Textile Industries (KOFOTI) have signed a memorandum of understanding (MoU) to strengthen bilateral cooperation, KOFOTI announced on August 24.
