A weaving and dying production line at the Vietnam National Textile and Garment Group’s factory in the northern province of Nam Dinh (Photo: VNA) Hong Kong (VNS/VNA)ꩲ - Thirty-fiveleading manufacturers of handicrafts, garments, textiles, and fashionaccessories and garment-related industries in Vietnam are displaying theirproducts at an international fair in Hong Kong that opened on October 27.
Global Sources Fashion, HongKong’s largest fashion sourcing event, also showcases footwear, fabricsand underwear. The event features verified suppliers from majorfashion manufacturing hubs such as Vietnam, China, Hong Kong, Taiwan, theRepublic of Korea, Bangladesh, India, and Indonesia. This year, 10 manufacturers from the Handicraftand Wood Industry Association of Ho Chi Minh City are participating in thetrade show, according to the organisers. Vietnamese exhibitors are also taking part inthe Rising and Young Designers Corner, a programme showcasing designs byemerging talents and start-ups from Vietnam and other countrieslike India, Laos, the Philippines, Nepal, and Kenya andhost Hong Kong. Thousands of top buyers are expected to attendthe show, including Adidas, Avery Dennison, AYE AYE, Colette, eBay,Fossil, GAP, Marubeni, and Mothercare. Pham Thiet Hoa, Director of HCM City’sInvestment and Trade Promotion Centre (ITPC), said Vietnam has become a moreattractive complementary garment-sourcing destination for internationalbuyers. The ITPC is supporting most of the Vietnameseparticipants as part of its mission to assist HCM City enterprises and attractforeign investment to Vietnam, he said. With around 1,800 booths, the fair is expectedto welcome 12,000 buyers from 150 countries and territories, including the US,the EU, Hong Kong, and Japan. Other highlights include conference programmeswhere industry experts share fashion trends and new technologyapplications such as AI and 3D printing in the fashion industry. “Vietnamese garment, fashion accessories andhome products firms could take advantage of US’s high tariff on Chinese exportsto boost their exports to the US," Hoa told Vietnam News.Many of China-made products like garments, bagsand furniture have become 10 percent more expensive when exporting to the US,and this could rise to 25 percent next year, he said.
“For mutual trade benefit, Vietnamese exportersneed to enhance export standards, product quality, and trade communicationsskills.”
Vu Ngoc Khiem, chief representative of GlobalSources, said an increasing number of overseas buyers are sourcing productsfrom Vietnam as the country is rapidly improving its supply chain for locallymade garments and taking part in more free trade agreements.
Michael Hung, general manager of Headwind Group,a Hong Kong-based buyer of promotional caps, apparels and toys, said, “Vietnamoffers a unique manufacturing opportunity for importers.”
However, “There are a number of logisticsconstraints Vietnam faces that make it more challenging than, let’s say, China.But if you can work through this issue, it can be highly rewarding.”
Vietnam has been trying to strengthen itscurrent role as the manufacturer of many of the world’s establishedbrands.
The last decade saw steady growth in its garmentand textile exports to Europe and North America.
Garments topped the export list last year withrecord shipments of 31 billion USD following a rise of 19.2 percent,according to statistics from the Vietnam Textile and Apparel Association.
Garment exports to China last year alsosurpassed the 1 billion USD mark, expanding the market beyond Vietnam’straditional ones like ASEAN member countries, Eastern Europe, the EU, Japan,and the Republic of Korea.
The export target has been set at more than 35billion USD this year and 40 billion USD next year, according to the VietnamNational Garment and Textile Group.
However, the US withdrawal from theTrans-Pacific Partnership could affect Vietnam, experts have warned.
Exports to the members of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) accounted for 17.1 percentof Vietnam’s overall exports, according to the General Department of VietnamCustoms.
🍌 CPTPP is expected to take effect in early 2019and to open up great opportunities for the sector.-VNS/VNA
