Economy
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| A textile plant belonging to the Việt Tiến General Garment Joint Stock Company in HCM City. — Photo cafef.vn |
Viet Nam News
HCM CITY — Though Việt Nam remains a big importer of textile feedstock and accessories from China, its rising exports to China is a promising sign, according to the Việt Nam National Textile and Garment Group.
Customs data shows imports from China in 2017 were high at US$9 billion, or 42.7 per cent of all textile-related imports, and 12 per cent higher than in 2016.
Việt Nam often imports raw materials also from South Korea and Taiwan. South Korean products cost a fourth of Chinese products while Taiwanese products cost a fifth.
Last year, Việt Nam’s imports from China included over $6 billion worth of silk, $2 billion worth of leather and $800 million worth of threads.
However, according to the Việt Nam Textile & Apparel Association (Vitas), textile exports to China have been rising steadily, going up from $2.2 billion in 2015 to $3.2 billion 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 per cent tax.
China is one of Việt Nam’s top five textile export markets.
Since that country has the world’s largest population, its market can be extensively segmented offering a great opportunity for local textile products.
Việt Nam’s textile and garment exports were worth $31 billion last year. — VNS
