VIETNAM: Textiles Among Country's Biggest Exporters By 2020
The Japan International Cooperation Agency (Jica) has claimed that Vietnam's textile-garment industries and electrical industries will become the country's biggest exporters by 2020 with a combined export revenue of $70bn.
The Saigon Times reports that in a study into the country's economic policies, Jica claims that the country could bring in as much as $100bn from export revenues, $15-20bn of which is likely to be made up of the export of garments and textiles.
According to the study: "Vietnam has seen a downturn in foreign direct investment but signs of recovery are appearing as Japanese companies and multinationals try to deepen division of labour to earn higher added value from their factories in Southeast Asia".
The study also claimed that the success of Vietnam's textile industry is largely due to the cheaper labour costs, which has given the industry an edge of its nearby rivals. However, Jica also warned that the industry will suffer unless it can secure sufficient production materials, such as synthetic yarns, to cope with the rise in demand.
It also advised manufacturers to look for extra investment that would enable them to design and manufacture Vietnamese inspired items rather than relying on outsourcing.
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