The Hoa Xa fibre factory in Nam Dinh province (Photo: VNA) Hanoi (VNA) – The World Wildlife Fund (WWF) and the Vietnam Textile and Apparel Association (VITAS) launched a project on October 26 to green Vietnam’s textile-apparel sector through improving water management and energy sustainability. The two sides will cooperate with multiple players in the sector to promote better river basin governance and contribute to water quality improvement and sustainable energy use. The project will be implemented from 2018 to 2020 with a vision to transform the textile-apparel sector in Vietnam through engaging the industry and influencing environmental governance in order to bring social, economic, and conservation benefits to the country. VITAS Chairman Vu Duc Giang said the main focus of the project is to improve water and energy efficiency within the sector, thus reducing its impact on the environment. The project will also work with textile-apparel manufacturers to encourage … [Read more...] about VITAS works with WWF to green Vietnam’s apparel sector
(VEN) - Generali Vietnam Life Insurance LLC (Generali Vietnam) has officially launched a new cancer insurance product called “VITA - La Chan Vang” (VITA - Golden Shield) which helps customers with peace of mind of being protected against all types of cancer. One unique and outstanding benefit of this product is that customers could get 100% paid premium refunded if there has been no claim for cancer benefit at maturity. “VITA - La Chan Vang”, developed based on Generali business motto “Simpler, Smarter, Customer - centric” provides superior benefits to customers including: Simpler: customers can choose the single premium option to be protected in 10 years or the annual premium option to be protected in 5 years. Customer just need to answer some questions then policy will be automatically issued. Smarter: once choosing the single premium option, customers could get 100% paid premium refunded if there has been no claim for cancer benefit at maturity. … [Read more...] about VITA La Chan Vang superior protection against cancer
Illustrative image (Source: VNA) HCM City (VNA) – Chairman of the Vietnam Textile & Apparel Association (Vitas) Vu Duc Giang has stated that Vietnam’s potential of exporting apparel to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states and Australia in particular is huge. During a seminar held in Ho Chi Minh City on May 11, Giang asked Vietnamese apparel exporters to devise a strategy to take advantage of incentives brought about by the deal and other free trade agreements signed by Vietnam. Amidst the fourth industrial revolution, firms need to invest in modern technology to meet stringent demand of customers, he said. Vitas Vice General Secretary Nguyen Thi Tuyet Mai said in order to tap tax incentives in FTAs, firms must meet demand for rules of origin and control supply chain in the region. In the near future, Vitas will hold more seminars on CPTPP terms and connect domestic fiber manufacturers, weaving … [Read more...] about Vitas: Vietnam’s potential of exporting apparel to Australia is huge
The textile-garment sector targets 34 – 34.5 billion USD in export revenue in 2018 (Photo: VNA) Hanoi (VNA) – With the bright outlook of both global and domestic economies, the textile-garment sector’s exports target of 34 – 34.5 billion USD for 2018 is achievable, Vice Chairman of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam said. At a meeting on April 17 to review the sector’s performance in Q1, he said textile-garment firms received enough orders until the end of the second quarter of 2018, and some even had orders through the third quarter. Many companies said they have been working to diversify export markets. Apart from the key markets like the US, the EU, Japan and the Republic of Korea, they are also stepping up export to China, Russia and Cambodia. Cam said in the coming time, VITAS will push ahead with trade promotion programmes, specialised training, and experience sharing. It will also encourage the application of … [Read more...] about Textile-garment export target of over 34 bln USD achievable: VITAS
Apparel, footwear firms urged to tie up to boost competitivenessQuoc Hung By Quoc Hung - The Saigon Times Daily HCMC – Experts have called for domestic enterprises in the apparel and footwear sectors to strengthen tie-ups for co-existence and growth at a time when Vietnam is intensifying international integration. At a seminar in HCMC last week on how the apparel and footwear sectors could make the most of opportunities from the Trans-Pacific Partnership (TPP) trade pact, experts said cooperation would enable businesses to join the global value chain. Competing with one another would benefit no one, they told the seminar organized by the Vietnam Association of Foreign-Invested Enterprises and Dau Tu newspaper. Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), expressed concern that many businesses have not made good preparations to benefit from the free trade agreements (FTAs) which Vietnam has signed. “Now a lot of enterprises have little or no … [Read more...] about Apparel, footwear firms urged to tie up to boost competitiveness
Workers pile up rice pallets at the Kien Giang Import and Export Company Limited in Kien Giang Province before shipments to regional markets. (Photo: VNA) Hanoi (VNS/VNA) - As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 percent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 percent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing 213.8 billion USD to the year’s turnover of 408 billion USD, per the MoIT’s data. Hai was … [Read more...] about FTAs: boon or bane for businesses?
As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing US$213.8 billion to the year’s turnover of $408 billion, per the MoIT’s data. Hai was optimistic that Vietnamese businesses will benefit more from bilateral and multilateral FTAs with partner countries such as Hong Kong, Japan and the Republic of Korea (RoK). … [Read more...] about VN’s FTAs: Boon or Bane?
The Hanoitimes - With over 6,000 enterprises, textile & garment industry accounted for 15% of Vietnam’s total trade value in 2017 and plays a key role in the economy. In the coming time, taking advantages from free trade agreements (FTA) is priority for Vietnam’s textile & garment industry to develop sustainably. Previously, a decrease in demand from major export markets since the end of 2016 to early 2017 had caused numerous difficulties for the industry. However, under new approaches, export value and the market shares of Vietnam’s textile & garment industry have increased compared to 2016. Specifically, Vietnam’s export to the US has increased to 7.2%, with market share up from 10% to 11%; in EU for an increase of 9.23% and 0.2% of market share; in Japan for an increase of 6.1% and 0.8% of market share; in Korea for an increase of 11.8% and 1.6% of market share; in particular, Vietnam’s import to Russia has increased 56%, with … [Read more...] about Taking advantages from FTAs for sustainable development
VietNamNet Bridge - If Vietnamese textile and garment companies cannot organize fabric production, the industry will have to import 15 out of 18 billion square meters of fabric it needs by 2025. If so, Vietnam will forever do outsourcing for foreign companies. In the supply chain, textiles play an important role as fabric determines the cost and quality of finished garment products.Vu Huy Dong, general director of Damsan JSC, admitted that there are still many problems in textile production, and textiles still cannot meet garment requirements.In 2016, Vietnam’s fabric imports increased by 3.2 percent compared with 2015, though garment export value decreased by $23.84 billion, of which fabric export turnover accounted for 43.9 percent, down by 0.1 percent.While Vietnam has to import 65-70 percent of fabric every year, it exports two-thirds of yarn output. This means that Vietnam has yarn in excess but not enough fabric.According to Nguyen Son, deputy chair of the Vietnam … [Read more...] about Textile production cannot meet industry demand
The Hanoitimes - Despite many difficulties in the first few months of 2017, but by the year end, export value of the Vietnam’s textile & garment industry has reached record high, which is expected to continue its growing trend as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will soon come into force. Under the negative impact of the US’s decision in withdrawing from the Trans – Pacific Partnership (TPP), main export products of Vietnam, including textile & apparel products had been under pressure to achieve targets for trade value. However, by the end of 2017, total export value of Vietnam reached US$ 31 billion, up 10% compared to last year’s figure. In which, garment export up to US$ 25.9 billion, an increase of 8.7% year by year; textile export reached US$ 3.5 billion, up 19.9% compared to 2016. These are impressive achievement amidst the unstable surroundings created by the global’s tendency toward … [Read more...] about Vietnam’s textile & garment industry: changed vision for development