Viet Nam's economic red light has limited impact on my country's textile enterprises

by:JIYALI     2021-08-17
Recently, there has been a series of chaos in the Vietnamese economy, the stock market has plummeted and prices have soared. Due to the rapid growth of Sino-Vietnamese textile trade in recent years, more and more Chinese textile companies have set up factories in Vietnam. So what impact will Vietnam's economic crisis have on China's textile industry?  Industry insiders believe that the Vietnam crisis may slow down its import of textile raw materials from China and delay the industrial transfer of Hong Kong and Taiwan-funded enterprises to Vietnam, but the impact on Chinese textile exports is relatively small.  Hong Kong businessmen are more cautious about the transfer of industries to Vietnam.   Sources from the Vietnam Textile Association say that there are now more than 2,000 companies in the Vietnamese textile industry, including 500 foreign-funded companies. Among the 500 foreign-funded textile companies, there are more than 200 textile companies from the Chinese mainland that have invested in Vietnam, and there are about 150 Taiwan-funded companies, which account for the majority of both the number of companies and the total investment. However, the reporter learned that there are not many Guangdong textile enterprises that have invested in large-scale factories in Vietnam.   Due to the continuous increase in production costs in the Pearl River Delta and the Yangtze River Delta, most of the Hong Kong and Taiwan-funded enterprises in my country are transferring industries to Vietnam. The relevant person in charge of the Hong Kong Trade Development Council told reporters that under the continuous sharp depreciation of Vietnam’s currency and severe inflation, Vietnam’s original comparative advantage of low labor costs has been greatly reduced, causing many textile companies that are preparing to transfer their industries to Vietnam to suspend their pace. Be more cautious.   For those Chinese textile companies that have set up factories in Vietnam, how should they tide over the difficulties? In this regard, Sun Huaibin, director of the China Textile Research Center, said: Don't use divestment methods lightly, but consider improving management to increase labor productivity and reduce cost pressure.
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