Want to be in the loop?
subscribe to
our notification
Business News
VIETNAM BECOMES WORLD€™S FOURTH LARGEST GARMENT EXPORTER
The US, the Republic of Korea (RoK) and the European Union were the biggest importers of Vietnamese products, posting growth rates of 11.01 percent, 8.33 percent, and 8.2 percent, respectively, against the same period last year.
Vinatex General Director Le Tien Truong said the results are a positive sign which will enable Vietnam’s garment industry to achieve its set target of 27-27.5 billion USD in export value this year.
With favourable movements in the global economy and the recent signing of free trade agreements (FTA) between Vietnam and the Eurasian Economic Union (EAEU), and the RoK, 2015 is forecast to be a bright year for Vietnam’s garment industry.
Mentioning opportunities brought about by the Vietnam-EAEU FTA, Truong said Vietnam is likely to earn over 1 billion USD from shipping textiles to the market if the country takes full advantage of benefits from the agreement.
The sector will need to make additional efforts to seek new markets and opportunities, and establish partnerships with major groups to be able to sign high-value orders in the remaining month of this year, Truong said.
The export value of Vinatex, which has the largest production scale in the textile and garment industry in the country, hit 1.7 billion USD in the two first quarters of this year, up 10.7 percent over the Jan-June period last year.
The group plans to invest 9.4 trillion VND (441.3 million USD) by 2017 in 59 textile, dye, garment and infrastructure projects.
Source: VNEP
Related News
![Card image cap](/uploads/Promotion news/2024/Promo/Untitled%20design%20%281%29.png)
XIN CHÀO HÀ NỘI: CROSS-BORDER GROWTH WITH E-COMMERCE AND DIGITAL SOLUTIONS
UOB Vietnam organize the "Xin Chào Hà Nội: Cross-border Growth with E-commerce and Digital Solutions" Programme with the desire of to help businesses equip themselves with knowledge on how to apply relevant technologies in developing cross-border e-commerce strategies.
![Card image cap](/uploads/news/Industry%20zone4.jpg)
VINH PHUC TO DEVELOP 24 INDUSTRIAL PARKS BY 2030
According to the plan endorsed by the Prime Minister of Vietnam, Vinh Phuc province is set to establish five new industrial parks by 2030, increasing the total number of parks to 24 and expanding the land area to 7,000 hectares.
![Card image cap](/uploads/news/F%20%26%20B.jpg)
30,000 F&B OUTLETS SHUT DOWN IN FIRST SIX MONTHS OF 2024
As of the end of June, Vietnam had around 304,700 F&B stores, down 4 per cent compared to the same period last year. More than 30,000 stores have closed nationwide, with a limited number of new openings, according to market analysis by iPOS.vn.
![Card image cap](/uploads/news/Investment7.jpg)
MINISTRY DRAFTS PROJECT ON HUMAN RESOURCES DEVELOPMENT FOR SEMICONDUCTOR INDUSTRY
MPI Deputy Minister Nguyen Thi Bich Ngoc said that the building of the project is crucial, especially in the current period. She said that the ministry has collected opinions from ministries, sectors, localities, research institutes, and universities while listening to ideas from domestic and foreign experts.
![Card image cap](/uploads/news/Finance%208.jpg)
CROSS-BORDER E-COMMERCE TO BE BOOSTED
As Vietnam is an export-oriented economy with abounding potential for the development of textile apparel, footwear, rice and agricultural products, the room for cross-border e-commerce development proves enormous, Anh added.
![Card image cap](/uploads/news/Port%204.jpg)
LOGISTICS GROUPS BRANCH OUT FOR GAINS
Deputy director Tran Hong Kien said, “In the next five years, our revenue and profit are expected to grow continuously on an annual basis at an average rate of about 11 and 23 per cent, respectively. Return on equity is expected to reach about 14 per cent a year on average. This is a good performance compared to other companies in the same industry.”