The first four months of the current year have been profitable for Vietnam as there was an increase in the export of textile and garments. As per the Ministry of Industry and Trade, it has earned over $9.5 billion in Q1.
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In this interview, Akhil Jain, Executive Director, Madame, shares details about the evolving knitwear market and how innovation is key for success.
Thanks to new Free Trade Agreements and government-assisted trade promotions and market search, Vietnam’s textile exports turnover for Q1 of 2021 has seen a modest growth after last year’s dip because of the pandemic.
In February, Pakistan surpassed India, Indonesia, and Vietnam in apparel and textiles export to the US.
The re-emergence of the Southeast Asian garment industry, increasing labour cost and reluctance of clients to stock products are negatively affecting China’s fabric export volumes.
A.T.E. has a formidable presence in textile engineering, both in conventional and technical textiles. The company provides a wide range of textile machinery and accessories across the textile value chain along with a comprehensive range of utilities.
To boost exports, government has announced a scheme namely “Scheme for Remission of Duties and Taxes on Exported Products†(RoDTEP) to all export goods, including textiles and garments with effect from 1st January, 2021.