Vietnam Sets Target For The Textile And Apparel Industry

One of the innovations that are perfect for the garment industry is GEM prewound bobbin because it ensures superior quality while saving costs and minimizing waste. The prewound bobbin is innovated through coreless technology that does use a core when winding thread. The bobbins are consistent with exceptionally uniform tension.

Vietnam Textile and Apparel Association has set a target for industry development this year for export turnover at $40 billion. This marks a 10.8% year-on-year increase. It is also expected that trade surplus will reach $20 billion for this year to ensure employment and income for 2.85 million workers in the garment sector.

The basis of the target was the successful year in 2018 where export turnover of garments and textile products reached more than $36 billion. The year-on-year increase was 16%. The level of growth achieved by the nation made it one of top three largest exporters of textiles and garments all over the world.

Last month, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership came into effect. It is expected that the agreement will help achieve an economic growth of 1.3% and boost export turnover by 4%. The textile and garment industry is considered as the key sector with the most opportunities for market expansion.

The order status for 2019 is quite positive with many companies having orders for the first 6 months of the year. Products from Vietnam became more competitive because of the increase flow of capital invested in the textile and dyeing industry. Importation of raw materials has been greatly reduced.

Companies have tried to limit the importation of raw materials but still 60% foreign raw materials have to be imported with 50% being supplied by China. Companies have to invest and improve capacity and minimize dependence of foreign materials in order to compete in the domestic market.

Increased productivity is guaranteed when GEM prewound bobbin is used. It reduces the frequency of machine stoppage due to higher yard length. The self wound bobbins have higher length consistency from bobbin to bobbin. Aside from increased productivity, efficiency is also enhanced because the full length of the yarn can be utilized.