Viet­nam’s Ap­parel Ex­ports on Growth Track De­spite TPP’S Demise

Perfect Sourcing - - International News -

Viet­nam’s gar­ment and tex­tile ex­ports are on track to hit $30.5 bil­lion ac­cord­ing to es­ti­mates by the Viet­nam Tex­tile As­so­ci­a­tion, or VITAS. In the first eight months of this year, ex­ports in the sec­tor in­creased 9.9% com­pared to the same pe­riod a year ear­lier to reach $19.8 bil­lion, VITAS pres­i­dent Vu Duc Giang said at the Cot­ton Day cel­e­bra­tions in Ho Chi Minh City.

Viet­nam im­ports 60 per­cent of its fiber, as cot­ton farms in Viet­nam meet only 0.04% of the do­mes­tic tex­tile sec­tor’s de­mand, the Viet­namese News Agency quoted Giang as say­ing at the event, or­ga­nized by VITAS along with the U.S. Cot­ton Coun­cil In­ter­na­tional.

Viet­nam was ex­pected to grow even more in im­por­tance as a sourc­ing des­ti­na­tion if the Trans-pa­cific Part­ner­ship had come to fruition. But Pres­i­dent Trump de­railed the pro­posed free trade agree­ment af­ter en­ter­ing of­fice, say­ing it would hurt U.S. work­ers and in­dus­try. Though ef­forts have been made to re­vive the deal with­out the U.S., the lat­est news seems to in­di­cate that Viet­nam may no longer be in­ter­ested in mov­ing for­ward.

Ac­cord­ing to U.S. Fash­ion In­dus­try As­so­ci­a­tion Viet­nam was the sec­ond most sourced coun­try af­ter China, with 88% of re­spon­dents say­ing they man­u­fac­tured there.

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