Garment, textile tech companies bank on Vietnam

Foreign companies providing technology solutions for textile garment and footwear production have been increasingly active in Vietnam taking advantage of the expected growth of the industry.
garment textile tech companies bank on vietnam German tech meets VN textile
garment textile tech companies bank on vietnam VN attracts over $11b FDI in first half of 2016
garment textile tech companies bank on vietnam Textile exports up 5.67%
garment textile tech companies bank on vietnam
Garment, textile tech companies bank on Vietnam.

On July 7, French company Lectra announced the opening of its subsidiary Lectra Vietnam.

Lectra, which provides technology solutions dedicated to industries using fabrics, leather, technical textiles, and composite materials, has been present in the country for over 20 years, represented by its agent Ly Sinh Cong Trading Service Company (LSC) for the past twelve years.

The new subsidiary will take over LSC's team and assets. According to the company, this represents a key step in Lectra’s development plan in Asia.

“Vietnam is one of the most dynamic Southeast Asian economies. It is a top choice for manufacturers who focus on production cost and brands seeking to persify supply. The Trans-Pacific Partnership (TPP) agreement signed in February 2016 will reinforce the attractiveness of the country, where Lectra already has many customers, including very large Asian companies,” said Lectra’s CEO Daniel Harari.

Yves Delhaye, Lectra’s managing director for the ASEAN, Australia, the Republic of Korea, and India, said that the company aims to develop even further its already close ties with companies present in the country.

“Several of our Chinese and RoK apparel customers manufacture a portion of their products in Vietnam. They are very interested in innovative solutions to improve product quality, operation efficiency, and the productivity of their factories. Moreover, a growing number of automotive industry players are investing in Vietnam. Lectra will be there to help develop their production," he said.

Lectra is not alone in its quest to cash in on Vietnam’s growing garment manufacturing industry. Earlier this month, New Zealand company ShapeShifter, which provides software to optimise production for industrial users of textiles, leather, and metal, announced that it is finally setting up its customer support team in Vietnam this year, after twelve months of pushing its sales activities in Asia, particularly in Taiwan (China) and Vietnam.

CEO Tim White said he expected the demand for Shapeshifter’s products in Vietnam and surrounding Southeast Asian nations would increase as the region engage in more worldwide trade.

Meanwhile, the German Textile Machinery Association (VDMA), as the representative of 130 textile machine and equipment manufacturing companies, met with Vietnamese companies in the textile and support industries in Hanoi and Ho Chi Minh City last week, to introduce the latest German technologies.

Thomas Waldmann, managing director of the VDMA, also cited the TPP as a key reason for the association’s interest in providing machinery to the Vietnamese textile manufacturing industry.

“Due to the recently signed TPP, Vietnam is increasingly becoming a much preferred textile manufacturing location for companies worldwide,” he said.

Truong Van Cam, deputy chairman of the Vietnam Textile and Apparel Association (VITAS), which supported the event, said a considerable proportion of technologies in the Vietnamese current textile and apparel industry needed to be transformed to improve quality, especially for those supplying cloth for garment production for export.

The textile, apparel, and footwear industries, all of which are rated amongst Vietnam’s major export sectors, with a total annual turnover of US$27 billion in 2015, are expected to benefit the most from the lowered tariffs after the TPP comes into effect.

garment textile tech companies bank on vietnam VN attracts over $11b FDI in first half of 2016

The total foreign direct investment (FDI) registered in the country in the first half of the year ...

Fellow TPP members, such as the US and Japan, are also Vietnam’s largest export partners in textile and footwear, bringing great opportunities to Vietnamese exporters in these sectors.

Source: VOV

Related News

Ambitious profit goals of banks

Ambitious profit goals of banks

VCN - With low profits and expectations of a better economic situation, banks "boldly" submitted to the General Meeting of Shareholders profit targets with high growth rates.
Banks seek to attract foreign capital

Banks seek to attract foreign capital

VCN - Banks are actively developing plans to attract capital from foreign investors through various methods, aiming to enhance their capital "buffers" and improve their management and operational standards to meet international levels.
Mechanisms for bolstering "bolder" and more efficient credit flow

Mechanisms for bolstering "bolder" and more efficient credit flow

VCN - Banks are actively channeling credit towards the manufacturing and business sectors, always standing by to offer loans to enterprises. However, this endeavor requires additional conditions as well as coherent support from the broader economy to augment the "boldness" and efficacy of these capital flows.
Credit and access to credit: A problem for banks and businesses

Credit and access to credit: A problem for banks and businesses

VCN - Since the beginning of the year until now, the Prime Minister, the Government and the State Bank (SBV) have continuously issued instructions to promote credit, but the situation of banks having excess cash and businesses lacking capital is still a concern of the economy.

Latest News

Exports in 2024 expects to reach US$370 billion

Exports in 2024 expects to reach US$370 billion

VCN – Motivated by recent development, exports in 20204 may reach US$ 370 billion, the General Department of Vietnam Customs said.
Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

VCN - By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.

More News

Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - Many agricultural and food exporters have recorded positive business results thanks to the momentum from the recovery of major markets and solutions to enhance deep processing, helping to improve product value and business efficiency.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addition to tax and fee support, many breakthrough solutions and policies are needed to create a boost for the auto industry.
Traceability helps improve product value

Traceability helps improve product value

VCN - Traceability of origin has been and is a mandatory requirement for Vietnamese goods when exporting to several markets. The application of information technology and the use of QR codes is an effective solution in traceability, increasing value and promoting product consumption, especially agricultural products.
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw material areas, ensuring sustainable and effective farming quality and minimizing environmental pollution. Vietnam is also the first country in the world to build a large-scale project on sustainable rice production and reduced emissions.
Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

VCN - The flow of goods passing through Hai Phong port area has tended to improve recently.
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Read More

Your care

Latest Most read
Exports in 2024 expects to reach US$370 billion

Exports in 2024 expects to reach US$370 billion

VCN - However, as of May 15, exports still see positive growth.
Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - According to data from the Ministry of Agriculture and Rural Development, agricultural, forestry and fishery export turnover in April reached 5.14 billion USD, an increase of 19.7% compared to April 2023.
Mobile Version