Market Research Reports, Inc. has announced the addition of “Vietnam Textile and Garment Report 2015” research report to their website www.MarketResearchReports.com

Lewes, DE -- (SBWire) -- 04/11/2016 --World textile industry is deeply affected by economic condition. After a decline in 2009 due to the global economic crisis, the textile industry is on the rebound and is expected to grow continuously at a rate of 6% in the coming years.

In global textile and clothing markets China is by far and away the dominant player with significant import penetration into most developed and many developing country markets. Developed countries such as the United State, Italy, South Korea, and Hong Kong join the stages which bring higher added value design, including marketing and branding, commercialization and export.

China, The United State, Germany and Japan are the four largest apparel markets. Apparel market size in developing countries is mainly contributed by their large population, expenditure per capital spent on garment shows disparity between the developed countries and the developing countries. In the next 5 years, the emerging markets with large population size such as China, India and etc. are expected to grow strongly, while textile markets in developed countries, especially in European countries, tend to slow down and show signs of saturation.

Trade agreements like the TPP and RCEP will promote formation of trade areas with complete value chain thanks to strict rules of production as well as rules of origin.

Textile and garment industry is one of the leading sectors of Vietnam, its export turnovers contribute 10-15% to the GDP. In recent years, the textile industry is continuously expanding at an average rate of 17% a year. Vietnam is among the top 5 T&G exporters in the world with market share of 3.1% in 2014. The United States, EU, Japan, and Korea are our main export markets, accounting for 85% of total export turnovers. Despite constituting for only 25% of total companies, FDI enterprises make up for 65% T&G export sale.

According to the Vietnam Textile and Apparel Association, by the end of 2014, Vietnam had over 5,000 textile companies, a majority of them are in medium or small size. Workforce textile sector accounts for over 20% of employment in the industrial sector and nearly 5% of the total national workforce.

Currently, Vietnam mainly operates in sewing and export processed clothes, thus the value added is very limited. Vietnam's garment sector is still dependent on raw materials (70-80%) imported mainly from China, Taiwan and Korea.

Domestic apparel market is relatively small. Vietnamese companies face severe competition from foreign brands, counterfeits and illegally imported clothes. Domestic enterprises are yet to focus on skill and knowledge-intensive stages of production, for example: distributing, exporting, designing, and branding. Viet Tien, Nha Be, May 10, etc. are a few successful enterprises in brand building and marketing.

The Free Trade Agreement, especially VKFTA, EVFTA and TPP, opening up many export opportunities for T&G sector. However, Vietnam has to comply with rigorous rules of origin, labor standards, social responsibilities, eco-labeling, environment protection and etc. in order to get tariff reduction. Moreover, Vietnam's textile and clothing production largely depends on materials imported from China and Taiwan which are not in TPP. Therefore, when the FTAs come into force, Vietnam cannot enjoy tax incentives. The industry made up of SMEs with low financial strengths and competitiveness will face challenges in the open economy. However, in the long run the FTAs will drive the industry to move to higher stages in the value chain.

Spanning over 136 pages "Vietnam Textile and Garment Report 2015" report covers Executive Summary, Business Environment, Industry Overview, Industry's potential and risk analysis, Industry's key players, Conclusion, Appendix.

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