With approximately 7,000 companies, Vietnam's textile sector dedicates 80 per cent of its production to exports, supported by a robust logistics network, skilled workforce, and stable political environment.
Manufacturing News
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Manufacturing
Hyosung TNC to invest US $ 1 billion in Vietnam, establishing 200,000 tonnes-a-year Bio-BDO plants
Hyosung TNC is set to invest US $ 1 billion in Vietnam to build Bio-BDO plants with a capacity of 200,000 tons per year. This major move aims to boost sustainable materials production and enhance Hyosung’s global market presence in eco-friendly products.
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The garment and textile industry in Vietnam is expecting significant growth in the second half of this year, driven by rising orders and improving consumer demand.
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Factory wages in Vietnam, a leading apparel exporting country, have more than doubled since 2011, to US $ 320 a month. Apart from this, there are some interesting benefits being given to workers.
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It is being projected that Vietnam’s garment and textile export turnover in 2021 will only reach US $ 33 billion if COVID-19 is controlled by the end of August 2021, completing 84 per cent of the whole year plan. Hence, VITAS shares measures with the Government and concerning authorities.
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VDSC of Vietnam believes that the ability to meet orders is a big concern even though many companies have had enough orders until the end of the fourth quarter of 2021.
