Garment manufacturing hub, Vietnam has reportedly generated US $ 3.59 billion from its fibre exports, marking a year-on-year increase of 22.7 in 2017.
Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS), averred that ever since Turkey imposed anti-dumping taxes on different kinds of export fibres in 2016, the local export firms have explored and succeeded in finding new markets.
Soi The Ky JSC (STK) was one such company that had got affected because of the tax imposed by Turkey. However, ever since STK explored and captured new markets and clients, the revenue surged significantly.
VITAS said that the country today has 6.5 million spindles that have a capacity to handle artificial cotton of 1.2 million tonnes.
It is imperative to note that the fibre production in Vietnam has surged fast, owing to the recent influx of FDI. While Century Synthetic Fiber Corporation has come up with a 30,000-tonne factory in the province of Tay Ninh recently, firms like Texhong Group has also invested big in Hai Yen Industrial Zone in the province of Quang Ninh.
VITAS Chairman said that the importers were very pleased with the quality of country’s cotton fibre. He further added that the yarn industry in Vietnam is good enough to match big hubs like China, India and Turkey.
Additionally, Vietnam’s yarn industry is now striving to develop for the local textile and dyeing sectors.
Notably, the fibre production in Vietnam is largely dependent on imported raw materials. Reportedly, last year the fibre industry in Vietnam imported cotton worth US $ 2.36 billion, up by a record 41.74 per cent.
