China’s devaluation of its currency, the yuan, has not exerted much impact on the garment-textile and leather-footwear sectors, said the Ministry of Industry and Trade of Vietnam.
The ministry said natural fabric output was estimated to reach 26.5 million square metres in August 2015, up 8.9 percent year on year; synthetic and artificial fabric output was forecast at 54.5 million square metres, down 10.8 percent year on year; and apparel output was projected at 294.8 million pieces, up 9.4 percent year on year.
In the first eight months, natural fabric output was estimated at 197.5 million square metres, up 3.2 percent year on year; synthetic and artificial fabric output was forecast at 443.7 million square metres, down 4.5 percent year on year; and apparel output was projected at 2,056 million pieces, up 4.1 percent year on year.
The garment and textile sector earned US$2.4 billion from exports in August 2018, up 13.5 percent year on year, totalling US$15 billion in the first eight months, up 10.9 percent from the same period of 2014.
China’s yuan devaluation has not caused negative impacts on Vietnamese garment-textile and leather-footwear companies, said the ministry. However, in the long term, cheaper Chinese products will place rising pressures on Vietnamese commodities in general and garments and textiles in particular exported to China and other traditional markets of Vietnam as well. Therefore, garment and textile companies need to keep track of market developments to have most effective production and business solutions.
Leather footwear output was estimated 32 million pairs in August, up 32.4 percent year on year. Leather footwear export value reached US$1.1 billion in August, up 21.1 percent from a year earlier.
In the first eight months, leather footwear output was estimated 216 million pairs, up 24.7 percent year on year. Leather footwear export value mounted to US$8.1 billion in the eight-month period, up 20.9 percent from a year ago.
The Ministry of Industry and Trade of Vietnam said garment - textile and leather - footwear companies need to closely monitor market situations to adjust their business operations in the context of complex development caused by yuan devaluation.
L.C
Vietnamese
