Vietnam eyes $200 bn textile exports by 2035
Vietnam’s textile and garment industry is expecting exports to reach up to $200 billion by 2035 thanks to investment in new technology and automation, and a shift in production methods. In 2017, Vietnam exported $31.2 billion worth of textiles and garments - an increase of 10.2 per cent on the prior year - with the figure expected to reach $34.5 billion in 2018 as the country looks to invest more in technology to increase productivity and shorten delivery times, and increase its focus on markets such as Australia and Russia.
Vu Duc Giang, Chairman of the Vietnam National Textile and Garment Group, says that new spinning mills in the country’s textile industry are equipped with modern equipment and high automation, requiring fewer workers.
The apparel industry, however, is more difficult to automate than the yarn industry. Giang says but some new plants are equipped with automation. In particular, garment enterprises ar not looking to expand their scale but shift production from Cut-Make-Thin (CMT) to Free on Board (FOB) and original design manufacturing to increase value.