Textile exports to China growing
A textile plant belonging to the Viet Tien General Garment Joint Stock Company in HCM City (Photo cafef.vn)
remains a big importer of textile feedstock and accessories from China, its
rising exports to China is a promising sign, according to the Vietnam National
Textile and Garment Group.
Customs data shows imports from China in
2017 were high at 9 billion USD, or 42.7 percent of all textile-related
imports, and 12 percent higher than in 2016.
Vietnam often imports raw materials also
from the Republic of Korea and Taiwan. RoK products cost a fourth of Chinese
products while Taiwanese products cost a fifth.
Last year, Vietnam’s imports from China
included over $6 billion worth of silk, 2 billion USD worth of leather and 800
million USD worth of threads.
However, according to the Vietnam Textile
& Apparel Association (Vitas), textile exports to China have been rising
steadily, going up from 2.2 billion USD in 2015 to 3.2 billion USD last year.
Vitas expects the figure to continue rising.
Vitas said China’s imports of Vietnamese
textile products are not taxed because of the ASEAN – China Free Trade Area
while imports from countries such as India and Pakistan incur a 3–5 percent
China is one of Vietnam’s top five textile
Since that country has the world’s largest
population, its market can be extensively segmented offering a great
opportunity for local textile products.
Vietnam’s textile and garment exports were
worth 31 billion USD last year. - VNA