Home to a population of over 92 million, Vietnam houses a thriving textile industry with manufacturers of almost every niche of clothing running businesses. The south-east Asian nation’s textile industry is one of the largest globally, right behind China and Bangladesh, and has shown a remarkable potential to trump both its market competitors.
The probability may soon become a reality, especially in a post-COVID world where most brands are choosing to move away from China and its facilities, amid rising labour expenses and a global dissatisfaction towards the Communist nation where the ongoing pandemic originated.
Despite the slowdown caused by the rapid spread of the novel Coronavirus, Vietnam’s textiles and apparel sector witnessed earnings of US$16.18 million, of which over US$ 13 million were from exports conducted in the first six months. It has even surpassed Bangladesh to become the world’s second-largest textile importer, a laurel the country is confident it will carry for a long time to come.
There are quite a few advantages of choosing a Vietnam manufacturer’s clothing, which include trade agreements with several countries, fast turnaround time, and high-quality products for reasonable prices.
Vietnam has, to date, maintained reasonable pricing for the goods it manufactures without compromising on quality. The quality of finished products manufactured in Vietnam is among the top 10% in the world.
The country has one of the world’s highest speed-to-market rates in the clothing and fashion industry. Also known as make-to-market rate, speed-to-market rate is a measure of the pace at which clothing items go from beginning to be manufactured to being displayed in stores, ready to be sold. Vietnamese manufacturers’ consistently high turnaround times have made the country the destination of big brands like Marks and Spencer, Mango, Gap, and Nike.
The government and various textile manufacturers’ associations organise several business-to-business exhibitions and international shows, which gives suppliers and producers a platform to meet clients and showcase their products. In turn, it provides companies with a variety of options to identify makers who can cater to their specific requirements.
Vietnam also enjoys stable and healthy trade relations with most economies around the globe via beneficial trade agreements. As part of the Association of Southeast Asian Nations (ASEAN), it enjoys free trade agreements with all Southeast Asian countries and India, Japan, Australia, and South Korea. It also enjoys flexible and beneficial trade ties with the USA, which are just short of a free trade agreement.
Source: Global News Wire. Learn more about Vietnam’s manufacturing potential here.
To learn more about PCIAW® at www.pciaw.org.
