Hanoi— Viet Nam witnessed a growth in textile and garment exports to most of the major markets.
Vietnam’s Textile and Garment Exports Continue to Grow.
Opportunities and challenges in the Fashion & Apparel Industry.
The fashion and apparel industry is a giant industry in the global economy.
The benefits of a successful clothing company more opportunities and challenges unpredictable. But there are many reasons to Enter the Fashion & Apparel Industry.
Exports of textiles and garments to the markets of the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) accounted for 17.1 per cent of the country’s total garment export turnover, reaching US$1.87 billion.
Of this, the exports to Japan saw the highest increase at 22.6 per cent, reaching $1.39 million. The exports to Singapore rose by 22 per cent to $39.16 million, to Canada by 17.4 per cent, reaching $230.29 million and to Australia by 16 per cent, touching $79.41 million.
CPTPP will come into effect in early 2019 and is expected to open a great opportunity for the Vietnamese textile and garment industry, pushing its export value up by 3 to 6 per cent per year.
According to the General Department of Việt Nam Customs, the January-May period saw the national textile and garment export growth reach 16.2 per cent year-on-year to $10.91 billion, accounting for 11.2 per cent of the total export value of Vietnam
It said the value to almost all the major markets increased against the same period last year. The United States was the largest export market for Việt Nam’ textile and garment products, with a growth of 12.4 per cent in value, reaching $5.15 billion.
It was followed by the European Union with a growth of 12.1 per cent to $1.43 billion; Japan, up by 22.6 per cent to reach $1.39 billion; and South Korea, up by 22 per cent to touch the $1.09 billion mark.
Meanwhile, the exports to Turkey jumped sharply by 96.8 per cent, reaching $19.23 million; Poland, 69.3 per cent, reaching $23.43 million; Myanmar, 65.9 per cent, reaching $9.19 million; Egypt, 65.2 per cent, touching $2.33 million; Hungary, 60.4 per cent, reaching $1.84 million.
The garment and textile exports of foreign-invested enterprises accounted for 60.6 per cent of the total garment export value, reaching $6.62 billion, up by 16.8 per cent over the same period last year. — VNS
In Vietnam, where you developed products, Max Blue Vietnam always study finds the best practices looking forward for textile and apparel businesses.
More changes occurred in the sourcing and manufacturing for these companies.
Sourcing diversification from several different sources as opposed to being completely reliant on one specific source.
Several manufacturing locations in Vietnam are supported by the government and Department of Textile & Apparel Management and their ability to quickly adjust their goods have been better able to withstand the impact of the pandemic.
This’s important that businesses collaborate and coordinate with other businesses with different functionalities, which limits the effect of a pandemic-like event.
Like every other consumer goods industry, fashion and clothing are heavily influenced by e-commerce and mobile apps.
Customers are using social networking websites and applications to research offers and compare prices.
To get the best out of this, many companies, stores and individuals have turned to big data, e-commerce platforms, and social media, and to run ads more efficiently.
The line between online and offline continues to blurred.
That is why product quality is an issue that customers are always interested in and focused on.
So brands not only need to have a comprehensive online presence, but also partner with innovative and trustworthy companies.
The fashion and apparel industry is a giant industry in the global economy. Accounting for 2% of global GDP, clothing products generates more than three trillion dollars a year.
About 80% of the industry is concentrated in the women’s, men’s and luxury wear segments.
The size of the industry has continued to grow over the years. The number of people employed in this industry has more than doubled since the turn of the century. With another 50 million employed, the industry has proven to be a significant job generator worldwide. With a $ 726 billion dollar trade in clothing and textiles, the industry offers countless lucrative opportunities.
New segments of new lines such as cooking utensils, sporting goods … are expanding the definition of apparel and rapidly increasing. .
The market is on the rebound
Economic growth has stalled. Many promising emerging markets put their economic future in question.
Despite economic concerns, many fashion-related investments have gone unimpeded.
Luxury shopping malls, with their retail model tuning. Several multi-brand stores are opening and many shopping malls are moving from charging a fixed rental fee to a percentage of sales.
There is still a good reason to invest in emerging markets.
Kazakhstan, Egypt, UAE, Quatar and Saudia Arabia are not expected to be threatened by the economic slowdown.
Economic uncertainty has never been underestimated, but there are many reasons to be optimistic about the future of an international business.
However, global developments have put these predictions in doubt.
Find a Strategic Partner with Max Blue
With all the changes facing the garment industry, it is important that companies build a strong network of strategic partners.
As the Fashion Industry becomes faster-paced and unpredictable, companies must have lean, agile and reliable supply chains to compete satisfactorily.
Max Blue Viet Nam is a valuable partner for fashion companies that want to be successful, create a network of finding, evaluating and connecting with supply chain partners. Every step from: Design, technology packaging, fabric sourcing and decoration, prototyping, bulk apparel manufacturing, packaging, quality control assessment to safe product shipping to your hand.
:“Serves markets around the world with a supply chain that is resilient enough to withstand shocks, agile enough to respond quickly to sudden or unexpected changes, flexible enough to be customized. product tuning and efficient enough to protect margins. “
Lisa Harrington, president of Lharrington Group,