A report from the company Textiles Intelligence show that between 2016 and 2020, production is forecasted to rise by average 12-14% per year. As a result export is expected to rise by 15% per year reaching US 50 billion by 2020, compared with US 28 billion in 2016. This is the result of work-intensive Chinese export companies transferring their production to Vietnam because of the increasing cost of wages and materials in the People’s Republic. In addition to the low wage costs, the reasons for this are stable exchange rates and the fact that there are no limits on export quotas.
The Vietnamese textile sector is adopting a correspondingly positive approach to the 17th Vietnam Int’l Textile and Garment Industry Exhibition, VTG. The textile machinery exhibition will be held in in Saigon Exhibition and Convention Centre 22-25 November 2017 in Ho Chi Minh City.
Vietnamese textile manufacturers aiming for new products, improved quality and enhanced competitiveness have the chance to learn more about the latest solutions to realize these objectives from well-known Swedish textile machinery and accessories manufacturers. Visit the Textile Machinery Association of Sweden at stand 637.
Read more about the exhibition