Illustrative image (Source: http://vcosa.org.vn)
In 2017, Vietnam earned US$31 billion from exporting textiles and garment products, fibre, cotton and materials, of which exports of fibre contributed US$3.59 billion, up 22.7% year-on-year.
Nguyen Thi Tuyet Mai, vice general secretary and chief representative of the Vietnam Textile and Garment Association (VITAS) in HCM City said in addition to traditional textiles products, high value-added items such as fabrics, fibre and yarn and textiles and garments accessories have grown well in the first months of 2018.
Notably, Vietnam’s fibre and yarn export alone reached US$906 million in the first quarter of 2018, up 16.5% year-on-year.
Nguyen Binh An, General Secretary of the Vietnam Cotton and Spinning Association, said prior to 2000, the spinning sector’s production scale reached only 1 million spindles but its capacity was raised to 3.7 million spindles in 2007 and 7 million spindles at present.
Two thirds of yarn produced in Vietnam is for export now, with the main importers being China, Turkey and European and American countries.
Mai said the production scale of Vietnam’s spinning industry would become bigger in the future thanks to advantages brought by free trade agreements the country has joined.
Vietnam is seen as an ideal destination for foreign-invested spinning projects. The Republic of Korea, China and Hong Kong (China) are leading investors of spinning factories in Vietnam. Japan also outsources yarn products to Vietnam.
In 2017, Vietnam exported 700,000 tonnes of fibre and yarn to China.
Experts said many foreign enterprises have invested in Vietnam’s garment and textile industry to exploit opportunities after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership agreement was signed.