According to a forecast by PricewaterhouseCoopers in February 2017, Vietnam may be the fastest-growing of the world’s economies, with a potential annual GDP growth rate of about 5.2%. This is partially due to the boom in jobs linked to growth in export manufacturing of textiles and garment products to over 180 countries and territories.
The industry has already begun to make significant investments in its textile manufacturing facilities. For example, Vietnam was the second biggest investor in shuttleless looms among member countries of the Association of South East Asian Nations (Asean) during 2006-15. Moreover, it was the biggest investor among these countries in ring spindles and open-end rotors.
There has also been a marked expansion in the knitting sector. The country now has a growing number of domestic knitwear and knitted goods producers, represented by state-subsidised enterprises, big factories, as well as small, family-owned companies.
Export and sourcing destination
Since Vietnam launched its economic renewal campaign to lift the country out of poverty in 1986 and normalised trade relations in the US in 2000, Vietnam has been able to export to a wider range of markets, rapidly expand exports in the manufacturing sector, and become an investment destination because of its large and capable workforce, whilst labour and operating costs remain low, compared to China.
In addition, Sourcing at Magic will host a Vietnam-focused seminar providing more information and exposure to the country’s capabilities and advancements. There will also be a VIP Cocktail Reception on 14 August, co-sponsored by Apparel Magazine and open to all attendees.
Vietnam continues to lure US firms
The event will feature a seminar called The Go-To Sourcing Destination: Vietnam Continues to Lure US Firms, which will take place on 14 August, moderated by Julie Hughes, President, The US Fashion Industry Association.
“Shifting global sourcing strategies affect fashion sourcing executives of all levels as they attempt to find the appropriate mix of regions, countries and product requirements. Vietnam has become a leading force in the US supply chain and the expert panel will explore the ins and outs of their experiences working in this world-class production hub,” organisers say.
Speakers include: Ron Klein, Director Retail & Consumer Management, PWC, Chris Walker, Apparel Production Advisor/Author, Vietnam Garment Insider, Steve DiBlasi, VP Global Sourcing, Lanier Clothes, Avedis Seferian, President & CEO, World Responsible Accredited Production.