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Rise in Demand from Domestic & Foreign Markets Anticipated to Drive Vietnam Textile and Garment Industry: Ken Research

Vietnam textile and garment industry comprises of two major parts: textile and garment. The textile sector includes shuttle weaving, fiber spinning, dyeing and finishing. The garment sector uses the core material as fabric and some other accessories for instance thread, button, lace, etc., through cutting, designing, and using the sewing machine to make the final garment. The textile and garment enterprises are businesses functioning in the  field  from  weaving,  spinning, dyeing,  and  finishing  fabrics  to  materials  such  as  laces, buttons, cutter, thread,  auxiliary equipment and final products. Labor is one of the central factors of production & business in the textile and garment industry and is reflected in both the quality and quantity of labor. The industry is characterized by manual processes and labor intensive. Therefore, the training of human resources is pivotal for the sustainable development of the textile and garment industry in Vietnam.

According to study, “VIETNAM TEXTILE AND GARMENT INDUSTRY Comprehensive Report Q4/2019” the key companies operating in the Vietnam textile and garment industry are Viet Tien Garment Corporation, Garment Corporation 10-JSC, Hoa Tho Textile Garment JSC, Duc Giang Corporation, Nha Be Garment Corporation, Sai Gon Garment Manufacturing Trading Corporation, TNG Investment and Trade JSC, Thanh Cong Textile Garment Investment Trading JSC, Dong Nai Garment Corporation, Century Synthetic Fiber Corporation, Phong Phu Corporation, Hue Textile Garment JSC, Viet Thang Corporation.

Based on product type, Vietnam textile and garment industry is segmented into pants  &  shirts,  skirts,  jackets, t-shirts, children’s  clothing  and  other  products  for instance vest  clothes,  swimwear towel and sweaters. Based on mode of production, market is segmented into dyeing/finishing, spinning, and fabric (brand, raw material sourcing, cutting/sewing design, and distributing/marketing). Marketing segment is further sub-segmented into cut-make-trim (CMT), ODM (original design manufacturing), OEM/FOB (original equipment manufacturing) and OBM (original brand manufacturing). Based on distribution channel, market is segmented into supermarkets, trade centers and retail stores.

The Vietnam textile and garment industry market is driven by growth in improvement in living standards & social stability, followed by rise in demand from domestic & foreign markets, better labor productivity and growth in improvement of capacity in business management, quality management, sample design and trade promotion. However, limited management skills and unsuitable marketing capacity with production capacity may impact the market. Moreover, rise in development of technical textiles & textile products for medical purposes and growth in production of fabrics for export are key opportunities for market. Furthermore, rise in investment projects to produce yarns, weaving; dyeing is a major trend for market.

Based on geography, the Vietnam is vastly connected to China on the northern side, which makes the supply of raw materials moderately easy for manufacturing. In Vietnam country, the textile and garment industry is one of the key industries that contribute great value to Vietnam’s exports and Gross domestic Products (GDP) as well as solving employment. The textile manufacturing industry of country is on the rise owing to rise in free trade agreements corresponding the historic comprehensive and progressive agreement for trans-pacific partnership. Additionally, the foreign companies are turning to Vietnam country to leverage its low labor costs and proximity to significant markets, which makes it an ideal hub for textile manufacturing. In near future, it is estimated that the Vietnam textile and garment industry will be reached at rapid pace as a result of rise in development  of  cotton  fiber  resources,  artificial  fibers  and  auxiliary  materials during the forecast period.

For More Information, click on the link below:-

Vietnam Textile and Garment Market Research Report

Related Reports:-

Vietnam Textile and Garment Standard Report Q2/2016

Vietnam Textile and Garment Standard Report 2015

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

ankur@kenresearch.com

+91-9015378249

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