Strong growth is predicted for the Vietnamese textile and clothing industry, according to a new report from the global business information company Textiles Intelligence ? Prospects for the textile and clothing industry in Vietnam.
Between 2016 and 2020, production is forecast to rise by an average of 12-14 per cent per annum. Exports are expected to rise by 15 per cent per annum and, as a result, they are set to reach $50 billion by 2020 — up from $28 billion in 2016.
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.