Vietnam Imports Textiles from China in Large Amount in 2019
From January to May 2019, 57.30% of Vietnam’s fabric imports were from China.
According to Vietnam’s Ministry of Industry and Trade, from January to May 2019, 21 commodities each achieved import value of above USD 1 billion, accounting for 80.30% of the total value of Vietnam’s imports. The import values of electronic components, mechanical equipment, fabrics, steel and plastics increased significantly as compared to the same period of 2018. It is noteworthy that China, the largest source of Vietnam’s fabric imports, accounted for 57.30% of the import value of fabrics in Vietnam. As one of the major exporters and manufacturers of garments and textiles in the world, in 2018, Vietnam exported garments and textiles worth USD 30.40 billion, up by 16.60%YOY; it imported fabrics worth USD 12.90 billion, up by 13.50% YOY.
To encourage the development of the textile industry, the Vietnam Textile and Apparel Association suggests (1) boosting domestic fabric production, (2) building industrial zones for textiles, dyeing and finishing and (3) promoting legislation transparency.
The association believes that only by taking the above measures can Vietnam’s textile and garment industries get rid of the reliance on imports, increase the added value of their exports and benefit from free trade agreements.
CRI suggests that manufacturers of textiles and garments in China should make an investigation trip to Vietnam and invest there as soon as possible to share the dividends from the fast expansion of the Vietnamese market and avoid international trade risks such as the Sino-U.S. trade war.
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