LONDON--(BUSINESS WIRE)--Vietnam has been facing fierce competition in the global textile industry in recent years. However, multiple initiatives and changing global conditions have been giving the country the push it needs to maintain its status as a global textiles leader. Details on these changes, as well as a list of the top manufacturers in the market, are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Promising Future for Silk Production in Vietnam
After struggling to compete with China in the global silk market for several years, Vietnam’s silk market is beginning to recover. As a result of several initiatives in the country, silk production has increased, and the country produced approximately 450 metric tonnes of silk in 2015.
In addition, new innovations and technologies are on the horizon that promise to boost Vietnam’s silk industry in the future. Silk production is expected to move away from traditional methods in many areas in favour of high-tech and high-production technologies, with companies such as Kraig Biocraft Laboratories, Inc. initiating research and production in the country.
Vietnam Holds Strong Position in Cotton Industry Despite Decreasing Production
While Vietnam’s cotton production has been falling recently, the country’s position in the global cotton industry appears to be under little threat. Vietnam is the world’s fifth-largest garment exporter, and textiles and garments is its second-highest earning sector.
Vietnam has faced challenges such as falling cotton prices internationally and insufficient national production to meet demand. However, with investments both from within the country and from abroad, as well as some favorable international developments, Vietnam’s trade ministry expects the country’s cotton exports to continue to rise for the next several years.
Vietnam’s Top Textile Manufacturers
Vietnam’s textile and apparel industry is one of the most important contributors to its economy, and its export value is continuously growing: in 2015, textile exports to the US grew by more than 11% to reach USD 10.9 billion. Kyungbang Vietnam Co., Ltd and Hantex are among the country’s top 10 textile manufacturers, competing with many other strong players in a diverse and competitive market.
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