Illustrative image (Source: VNA)Hanoi (VNA) – Many textile andgarment enterprises are investing in textile and dyeing complexes to ensurematerial for sustainable development, Vietnam Television (VTV) reportedrecently.
To avail themselves of business opportunitiesfrom the Trans-Pacific Partnership (TPP) agreement, many textile and garmentfirms have over the past two years started building textile and dyeingcomplexes. For instance, 10 enterprises have invested hundreds of millions ofUS dollars in those complexes in the southern province of Binh Duong.
However, US President-elect Donald Trump saidhis country would leave the TPP but investment to those industrial complexeswould still continue for long-term development strategies.
Esquel Garment Manufacturing Vietnam Co Ltd hasoperated in Vietnam for 10 years and mainly imported material from China. In2015, the company invested in a textile and dyeing factory in Binh Duong partlyfor availing business opportunities from the TPP. The factory has completedconstruction of the building in the first stage and it will begin operations ina year.
With information emerging that the US couldleave the TPP, the company would consider carefully its investment plans forthe factory in the second and third stages.
However, Nguyen Van Luong, deputy generaldirector of Esquel Garment Manufacturing Vietnam, said the decision oninvestment was under the company’s long-term development strategy in Vietnambut not only for TPP.
Textile and garment enterprises said that TPPhas prompted them to increase investment in textile and dyeing for productionof garment products. In the long-term, development of textile and dyeing wouldhelp Vietnam complete its production process for garment products and avoiddependence on material imports as being done at present, VTV reported.
Meanwhile, Nguyen Xuan Duong, chairman of HungYen Garment Company, said TPP would present more opportunities to local textilegarment firms to export to the US, but if there was no TPP, exports to the USwould have no effect.
During his election campaign, President-electDonald Trump had said that if he won the elections, the US would impose importtariff of 45 percent on Chinese products. So, Duong said, garment producers whohave investments in China could consider moving their business to othercountries, including Vietnam, to avoid high import tariff for products importedfrom China, the Dien dan Doanh nghiep newspaper reported.
Duong said that Vietnam’s textile and garmentexports next year would face many difficulties as expectations. Hung Yen GarmentCompany has signed contracts to produce garment for exports until March andApril 2017.
He expected the company to receive more exportorders after Tet (the Lunar New Year) festival to produce stable exports untilOctober 2017.
According to the General Statistics Office,Vietnam gained a year-on-year increase of 4.5 percent in export value to 21.5billion USD for the first 11 months of this year.
This year, the nation expected to earn 29billion USD from textile and garment exports.-VNA
To avail themselves of business opportunitiesfrom the Trans-Pacific Partnership (TPP) agreement, many textile and garmentfirms have over the past two years started building textile and dyeingcomplexes. For instance, 10 enterprises have invested hundreds of millions ofUS dollars in those complexes in the southern province of Binh Duong.
However, US President-elect Donald Trump saidhis country would leave the TPP but investment to those industrial complexeswould still continue for long-term development strategies.
Esquel Garment Manufacturing Vietnam Co Ltd hasoperated in Vietnam for 10 years and mainly imported material from China. In2015, the company invested in a textile and dyeing factory in Binh Duong partlyfor availing business opportunities from the TPP. The factory has completedconstruction of the building in the first stage and it will begin operations ina year.
With information emerging that the US couldleave the TPP, the company would consider carefully its investment plans forthe factory in the second and third stages.
However, Nguyen Van Luong, deputy generaldirector of Esquel Garment Manufacturing Vietnam, said the decision oninvestment was under the company’s long-term development strategy in Vietnambut not only for TPP.
Textile and garment enterprises said that TPPhas prompted them to increase investment in textile and dyeing for productionof garment products. In the long-term, development of textile and dyeing wouldhelp Vietnam complete its production process for garment products and avoiddependence on material imports as being done at present, VTV reported.
Meanwhile, Nguyen Xuan Duong, chairman of HungYen Garment Company, said TPP would present more opportunities to local textilegarment firms to export to the US, but if there was no TPP, exports to the USwould have no effect.
During his election campaign, President-electDonald Trump had said that if he won the elections, the US would impose importtariff of 45 percent on Chinese products. So, Duong said, garment producers whohave investments in China could consider moving their business to othercountries, including Vietnam, to avoid high import tariff for products importedfrom China, the Dien dan Doanh nghiep newspaper reported.
Duong said that Vietnam’s textile and garmentexports next year would face many difficulties as expectations. Hung Yen GarmentCompany has signed contracts to produce garment for exports until March andApril 2017.
He expected the company to receive more exportorders after Tet (the Lunar New Year) festival to produce stable exports untilOctober 2017.
According to the General Statistics Office,Vietnam gained a year-on-year increase of 4.5 percent in export value to 21.5billion USD for the first 11 months of this year.
This year, the nation expected to earn 29billion USD from textile and garment exports.-VNA
VNA
