The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday.
The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the ministry of corporate affairs.
The move comes on the back of the ordinance amending the Insolvency and Bankruptcy Code to establish the framework for prepacks, promulgated on Wednesday.
The prepack regulations define the eligibility and terms of appointment of resolution professionals, the norms for meetings between creditors and provide the modalities for the evaluation of resolution plans.
To initiate the process, the corporate debtor will have to serve notices of a meeting to all unrelated financial creditors five days in advance, to seek their approval. Meeting may be in any combination of physical and virtual.
The framework requires 66% approval from unrelated financial creditors to initiate formal prepack proceedings, which follows the debtor-in-control model.
In the absence of unrelated financial creditors, the CoC will consist purely of authorised representatives and only of operational creditors and representatives of employe in the absence of any financial creditors
Creditors will have a seven-day period to object, after receiving a notice of claims submitted to the resolution professional by the corporate debtor.
The regulations bar the appointment for any part of the process, including valuation, of an auditor of the debtor during the last five years preceding the prepack process commencement date.
An invitation for resolution plans will have to be published by the resolution professional within 21 days of the commencement of formal proceedings, in the event the base resolution plan is not satisfactory.
The regulations provide guidelines for a point system of evaluation of resolution plans where the CoC may decide the specifics of how to score a resolution plan and the amount of points that define a “significantly better” plan.
In what experts regard as the most difficult part of the prepack process, the resolution professional will have to form an opinion regarding any preferential or fraudulent transactions on the part of the debtor within 30 days of the prepack process commencement date.
Source: The Economic Times
In South India, various leading exporters, trade bodies and other stakeholders are on their toes to overcome the challenge of high yarn price and lot of virtual meetings/discussions are taking place in this regard.
And such efforts are giving some positive results also!
Tirupur willnow get support from Gujarat as the Gujarat Spinners Association has assured to supply yarn to apparel manufacturers of Tirupur.
The assurance was given during a virtual meet organised by AEPC with members of the association recently.
Saurin Parikh, President, Gujarat Spinners Association, said in last 20-25 days prices had reduced and many countries, except Bangladesh, stopped importing from India.
As the issue is in limelight and is having a negative impact on apparel manufacturers, Ministry of Textiles (MoT) is keeping an eye on the developments.
Tirupur consumes around 30 to 40 per cent of total knitting yarn produced in India.
Spinning mills of Gujarat were also invited to tap the potential in Tirupur and join hands with knitwear exporters of this garment hub for mutual sustainable growth.
Since last few days, there has been lot of hue and cry in Tirupur as few mills/their traders have increased the yarn price in April also, while it was decided in a meeting that there will be no hike in yarn price during the April month.
Source: Apparel Online
Union Minister Smriti Irani on Friday claimed that India would be self-sufficient in silk production within two years and dependence on any foreign country including China for import of the raw material would end.
She also announced a formal course on ‘technical textiles’ at National Institute of Fashion Technology campuses across India that would widen the scope of opportunities for fashion entrepreneurs.
Irani was in Srinagar addressing the first convocation of NIFT Srinagar campus, which started the first batch in 2016. The minister said that NIFT’s Srinagar campus is a ‘Mini Bharat’ as out of the total of 160 students 145 are from different parts of the country.
“We are currently number two after China (in silk production) and after two years we hope to be self-sufficient enough to not be dependent on any foreign country for the raw material,” said Irani, while addressing the convocation at the International Convention Centre on the banks of Dal Lake. Irani was accompanied by minister of state of the Ministry of Youth Affairs and Sports Kiren Rijiju and Lieutenant Governor of J&K Manoj Sinha, addressed the gathering online from winter capital Jammu. In the first convocation 31 students were felicitated out of which 28 were from different parts of the country.“India in the past five years has seen an increase of 35 percent in production of silk…in silk sector we have seen a 20 percent increase in employment recently,” she said.
The minister also praised the Srinagar campus for emerging as the center of excellence in a short span of time and urged students to widen the scope of their engagement with the fashion industry.
“Technical textiles is a very important aspect of the industry…even if we have to make component of a rocket or any other product at ISRO, it has a textile component, bullet proof vests of paramilitary has textile element, even in road construction jute is used,” said Irani, who announced that such courses would not be formally taught at the NIFT campuses.
She also urged the NIFT students to explore the areas of railways, water resources and health for which the central government has slotted a budget of Rs 3 lakh crore of which ‘technical textile is a big part.’
“This also expands the scope for young textile and fashion entrepreneurs…you should also explore the sportswear industry, which we mostly import,” she said. “Today’s batch passes with experience, history and possibilities. You are part of the one nation, one ambition…” said Irani.
Source: The Economic Times
Tirupur MP K Subbarayan on Friday sought immediate intervention of the central government to check rise in yarn prices.
The price rise has affected textile industries in Tirupur that were badly affected during the lockdown and are returning to normalcy, Subbarayan told reporters in Tirupur. “I had written a letter to Union textile minister Smrithi Irani in March and sought immediate action. But I received no reply from her or from her ministry. I am ready to meet the minister in person to discuss about the issue,” he said.
Seven mills of the National Textile Corporation (NTC) are functioning partially after resuming operations after the lockdown, the MP said. “The government should take steps to supply yarn to industrialists in the state through the mills. It will not only be profitable for the industries but also to the corporation. By doing so, textile units here could get yarn at a reasonable price without any interruption in supply and the corporation would be able to provide work to all employees, apart from making profit.”
Subbarayan requested the state government to encourage cotton cultivation in the state to meet the rising requirement. “I am planning to submit a petition to the state government in this regard, after the new government is formed.”
Source: The Times of India
The COVID-19 pandemic has disrupted the cotton industry “Due to lockdowns in various states, cotton arrival may slow down and it has happened last year also,” said Atul Ganatra, President at Cotton Association of India in an interview with CNBC-TV18.
“Due to increase in COVID-19 cases, mills are now in a mode of wait and watch. India has a big unsold stock of around 160 lakh bales with farmers, ginners, exporters, traders, MNCs and government agencies. So in India, we have a very comfortable situation as far as stock is concerned,” he said.
“In yarn prices, we have seen the correction, it has reduced to Rs 15-20 per kilogram and this month no increase has been seen,” he added.
Source: CNBC
India`s goods exports posted a 297.2 percent increase (year-on-year) in the first seven days of this fiscal to $6.79 billion and by 8.42 percent (YoY) over the corresponding period of 2019-20. Imports in the first week of 2021-22 (April 1-7) increased 244.2 percent to $ 9.66 billion and decreased by 0.65 percent (YoY) over 2019-20 during the week.
The data showed that the export of engineering goods showed an increase of 209.65 percent (YoY) over 2020-21 and of 8.4 percent YoY over 2019-20. Exports of gems and jewellery and petroleum products also increased.
The US and China accounted for most of the rise in exports during the seven-day period. The imports included petroleum crude and products and electronic goods. UAE and China accounted for a large part of the increase in imports.
The data showed that some of the increase was offset by the decrease in imports of silver, fertilizers, crude, and newsprint. The country's exports and imports in April last year were impacted by the situation created by COVID-19.
Source: The Hindu Business Line
Denim maker Levi’s Strauss & Co said India has come back to growth, outpacing other Asian markets which declined 8% as a region.
Until last quarter, most apparel companies including Levi's had declined due Covid-related lockdowns and strict restrictions after reopening "India’s performance was slightly ahead of the Asia region and importantly, this market grew compared to Q1 of 2019 driven by the acceleration of the digital ecosystem and the ongoing transformation of our store fleet and franchise network," Levi’s chief financial officer Harmit Singh told investors.
Nearly two quarters ago, Levi's said it took back inventory from closed franchisees in India and reallocated it to pure play ecommerce, which helped the online channel. In addition, it also closed underperforming stores and either upgraded and expanded others into better locations.
Globally, the retailer reported a double-digit sales decline at 13% for its fiscal first quarter. The company's chief executive officer Chip Bergh said on the international front, developing markets of China, India, and Russia had great first quarters and represent significant growth opportunities.
Source: The Economic Times
There is a good reason for Pakistan’s now-aborted plan to import cotton from India – this country’s burgeoning cotton exports.
India’s export of cotton grew by 106 percent in value from Rs. 3,425 crores in 2019 (April-December) to Rs. 7,044 crores in 2020 (April-December), according to a reply to the Rajya Sabha by the Ministry of Textiles on March 25, 2021.
In terms of volume, cotton exports reported a 127 percent increase over the same period. The growth comes despite the COVID-19 pandemic and restrictions imposed by countries across the world last year.
India is one of the largest producers, consumers, and exporters of cotton in the world. The commodity plays a significant role in sustaining the livelihood of an estimated 5.8 million cotton farmers and 40-50 million people engaged in related activities such as cotton processing and trade, according to the Ministry of Textiles.
In another reply, Textiles Minister Smriti Irani told the Lok Sabha on March 19, 2021: “Special measures were taken by the Ministry in the COVID crisis to support liquidity flow to the textile industry, including cotton textile sector by introducing an option to release part subsidy against bank guarantee (BG) in facilitating the subsidy release process.”
The Minister said that “The average domestic price of cotton is cheaper by around 14 percent during the current cotton season as compared to the international cotton price,” while responding to a question whether Indian cotton exports are uncompetitive viz-a-viz global competitors like China, Vietnam, Bangladesh.
She added: “India is one of the largest exporters of cotton in the world. China, Vietnam, Bangladesh are not cotton exporting countries, but cotton importing countries.”
A new policy is being formulated for the overall promotion and development of the textile sector, the Minister had informed the Lok Sabha earlier in February this year.
Cotton is the backbone of the Indian textile industry, accounting for 60 percent of the industry’s raw material consumption basket. “The proposed textile policy envisages strong collaboration with (the) textile industry, Ministry of Agriculture and Farmers Welfare and various agriculture research institutes to improve the acreage, productivity and quality of the cotton,” she had said.
India occupies the first place in the world in cotton acreage with around 125.84 lakh hectares under cultivation, which is around 36 percent of the total world area.
bout 62 percent of India’s cotton is produced in rain-fed areas and 38 percent on irrigated lands. During 2019-20, India’s productivity was 486.33 kg/ha (kilogram per hectare).
“In order to ensure the benefit of minimum support price (MSP) to large sections of cotton farmers, the Cotton Corporation of India Ltd., a Nodal agency under the Ministry of Textiles, is undertaking MSP operations of cotton in the event that prices of Fair Average Quality grade kapas fall below the MSP announced by the Government of India,” the Minister said in her reply on March 25.
Source: MoneyControl News
The Telangana government on Friday inked a pact with Gokaldas images to set up an apparel industry in Rajanna Sircilla district. Gokaldas Images has come forward to invest in the apparel industry from Telangana state. The apparel industry will provide employment opportunities for 1,100 people in the state. "The Company will create 1100 employment opportunities for the local youth. Out of this, 75% of the jobs will be given to women. Telangana Government will also provide skill training to the unemployed youth, making them industry-ready," Industries minister KT Rama Rao said.
Gokaldas Images MD Sumir Hinduja, Principal Secretary Jayesh Ranjan, Handlooms and Textiles director Shailaja Ramaiyer and others were present.
Source: Hans News
Emerging markets are performing much better than the developed world, but in the wake of economic revival, issues like inflation and fiscal stimulus withdrawal will have to be managed very carefully, Principal Economic Adviser to the Finance Ministry Sanjeev Sanyal said on Friday.
He also said that G20 in many ways kept the world going during the pandemic phase and many countries in the world will see a significant revival in GDP growth in the next few months.
Addressing virtually an event organised by the Research and Information System for Developing Countries, Sanyal also stressed on the need to have a more fluid and flexible credit rating system.
The G20 (or Group of Twenty) is a forum for the governments and central bank governors from 19 countries and the European Union (EU).
"G20 is a grouping that in many ways kept the world going during COVID-19 pandemic. We will in the next few months, hopefully, see some economic recovery coming up... Many countries will see significant revival in GDP growth rates," he said.
Sanyal said many emerging markets are doing much better than developed countries, and when economic revival happens then the emerging markets will do far better than the developed world.
"When this (economic revival) happens, then what happens to things like inflation, what happens to withdrawal of fiscal stimulus? All these things will have to be managed very very carefully," he stressed.
Expressing hope that G20 finance ministers and central bank governors will do what needs to be done to revive growth, Sanyal said there are some issues like debt servicing of poor countries remains.
On climate change, he said G20 countries need to do something about it. "But Paris (climate) commitments are related to Paris, bringing them into the G20 fold is very very tricky," Sanyal opined.
Noting that G20 should not attempt things that are done in other forums, he said, "we (emerging economies) will be suspicious that this may be a way to create non tariff barriers."
G20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US. Collectively, the G20 economies account for nearly 90 per cent of the gross world product, 80 percent of world trade, two-thirds of the global population, and approximately half of the world's land area.
Source: The Economic Times
Telangana zooms ahead of Gujarat and becomes the second-biggest state in the cotton acreage, a position that was held by Gujarat till now. This is not all. Telangana is now looking forward to increasing the cotton cultivation area by another 15-20 lakh acres in the approaching Kharif season. This will take the total cotton area to 75-80 lakh acres.
Looking at the positive situation, Chief Minister of Telangana K Chandrashekar Rao has urged the Agriculture Department to arrange for mobilizing cotton seeds needed for the upcoming Kharif season.
Generally, farmers use two packets of seeds with 450 grams each in one acre. So, the total requirement goes to 1.50-1.60 crore packets.
Telangana state had experimented with Regulated Cropping System last year and the results were astounding. The state increased cotton acreage to a whopping 60 lakh acres from 46 lakh acres (in 2019).
At the same time, the state urges its farmers to also grow red gram (pigeon pea) in double the area of what was last Kharif. This year, the state wants the area in red gram to be 20-25 lakh acres. This move indicates that the state wants its farmers to reduce their dependence on paddy and concentrate more on cotton and red gram.
Gujarat was earlier the second-biggest cotton cultivating state, growing cotton in around 56 lakh acres. In 2019, the state grew cotton on 66 lakh acres. Maharashtra ranks first in cotton acreage in India with 1.04 crore acres under this cash crop.
Source: Krishi Jagran News
As reported by Apparel Resources recently, the apparel import value of USA declined by 8.70 per cent in February ’21 on Y-o-Y basis to US $ 5.39 billion.
On the other hand, the import upped in volume terms by 3.20 per cent to 2,069.78 million SME of garments in the 2nd month of 2021.
The apparel export destinations such as Pakistan, China, Bangladesh, Egypt, etc. noted growth in volume-wise apparel shipment to USA, while China and Pakistan upped their shipment invalue-terms as well.
Notably, no other country than Pakistan and China in top 10 tally could manage to grow in apparel shipment to USA both in values and volumes.
India, Vietnam and Indonesia declined in both value-wise and volume-wise apparel export to USA. See following tables for the complete details:
Y-o-Y % Change in Volume-wise Apparel Exports to USA from Top 10 Countries:
(Qty in million SME)
|
Countries |
Feb ’20 |
Feb. ’21 |
% Change |
|
World |
2,005.79 |
2,069.78 |
3.20 |
|
China |
579.34 |
718.34 |
24 |
|
Vietnam |
334.98 |
333.39 |
(-) 0.50 |
|
Bangladesh |
189.73 |
194.08 |
2.30 |
|
Cambodia |
94.96 |
89.90 |
(-) 5.32 |
|
Indonesia |
94.66 |
74.88 |
(-) 21 |
|
India |
111.25 |
94.82 |
(-) 15 |
|
Honduras |
80.63 |
66.91 |
(-) 17 |
|
Mexico |
64.37 |
62.66 |
(-) 2.70 |
|
Pakistan |
49.66 |
62.10 |
25 |
|
El Salvador |
56.24 |
48.13 |
(-) 14 |
Y-o-Y % Change in Value-wise Apparel Exports to USA from Top 10 Countries:
(Values in US $ million)
|
Countries |
Feb ’20 |
Feb. ’21 |
% Change |
|
World |
5,910.37 |
5,394.37 |
(-) 8.70 |
|
China |
1,080.37 |
1,154.03 |
6.80 |
|
Vietnam |
1,064.44 |
1,021.96 |
(-) 4 |
|
Bangladesh |
528.47 |
480.98 |
(-) 9 |
|
Indonesia |
373.28 |
277.24 |
(-) 26 |
|
India |
389.80 |
306.11 |
(-) 21 |
|
Cambodia |
246.67 |
220.94 |
(-) 10.43 |
|
Mexico |
235.30 |
203.56 |
(-) 13 |
|
Honduras |
222.03 |
192.41 |
(-) 13 |
|
Pakistan |
106.78 |
123.10 |
15.30 |
|
El Salvador |
153.26 |
133.96 |
(-) 13 |
Source: Apparel Online
Global fabric manufacturing companies, producing mainly manmade fibre (MMF)-based fabric, can invest in India. India’s dependency on import for the same and Government support are two biggest factors attracting the foreign companies.
Aspiring to have a slice of US $200 billion global MMF, Indian apparel exporters have sought help from international MMF fabric suppliers to overcome the shortage of the fabric, in the short run, and also to improve the quality of local production of the fabric eventually.
India has abundant production of yarn, but is in short supply of good quality MMF fabric as domestic producers lack the latest processing technologies.
Dr. A. Sakthivel, Chairman, AEPC, said, while addressing webinar on ‘MMF Fabric Sourcing from International Suppliers’ of Apparel Export Promotion Council (AEPC), “We are ready for a joint venture or technology transfer or 100 per cent investment. There are production facilities in India but they do not have the latest technologies in processing. Even the Government has come out with good incentives like plans to set up seven mega textile parks and PLI to promote MMF production.”
He further added that AEPC will make all arrangements to facilitate any technology transfer, joint venture or direct investment in the country.”
Dr. Sakthivel assured the international MMF fabric suppliers who expressed their interest in knowing the details about the benefits offered by the Indian Government and what AEPC could do to help them out. “We want to import fabric from you all and we expect it at international price, so that we can manufacture MMF garments and export out of India,” he added.
Vinit Neb, Director, TR Alliance Co. Ltd., Taiwan; May, Business Head, Wuyue Textile Group, China; Mukesh Sharma, Head (Sales), HAE FA Textile Group, Taiwan; Girish Shah, Director, Chang Zhou Miao Zhou Trading Co Ltd, China are few of the companies that participated in the event.
Source: Apparel Online
The government is making serious efforts to overcome the shortage of cotton and cotton yarn and hopefully a mutually acceptable solution will be made after the rejection of summary of Economic Coordination Committee (ECC) to import cotton yarn from India through Wagah border, said Mr Abdul Razak Dawood, Special Assistant to the Prime Minister.
Addressing a zoom conference with the stakeholders, he said that the government is fully aware of the ill-impacts of cotton shortage on the textile sector and in this connection final decision would be made in line with regional and national interests. He said that the government was already discussing some alternate proposals to maintain the tempo of increase in textile export and hopefully a holistic approach will be adopted to finalize under consideration steps in best national interest.
Earlier, Engineer Hafiz Ihtasham Javed President Faisalabad Chamber of Commerce & Industry (FCCI) acknowledged the positive policy measures taken by the government and said that because of policy interventions, textile exports recorded a phenomenal growth during October to December 2020. He said that the business community had reacted proactively and forewarned the government about the possible shortage of cotton and cotton yarn within the country. He said that the exports started declining due to the unavailability of raw material and the figure clearly indicates our apprehensions.
He said that it was very disturbing that despite a shortage of yarn, its export is continuing uninterrupted which has further aggravated the availability of raw material. “The exploiters have enhanced the prices of yarn unrealistically which will certainly have a negative impact on our overall textile export,” he said and demanded that regulatory duty on yarn import may be withdrawn forthwith. “Similarly in order to discourage yarn export, the government should clamp at least 10% regulatory duty on export of cotton yarn”, he said and added that it will ensure availability of cotton yarn for the domestic textile sector. He made it clear the FCCI being an elected representative platform of the business community believes in resolving issues through negotiations instead of resorting to protestation. He said that FCCI will play a positive role in this crisis by bringing government and stakeholders on one page.
Engineer Hafiz Ihtasham Javed also appreciated the effort of Mr. Abdul Razak Dawood and said that the private sector will continue to cooperate with the government instead of creating problems for it.
Source: The Daily Times
Textile exporters have requested Prime Minister Imran Khan to give directives for a forensic audit of yarn producers in a bid to break the cartel of cotton mafia similar to the way Pakistan Tehreek-e-Insaf (PTI) government did against the sugar lobby.
In a letter written to PM Khan on Thursday, officials of the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) said that the cotton mafia proved to be stronger than the sugar lobby.
“Manufacturers have hiked rates of yarn by over 40% in a short span of time and created artificial shortage, citing lower cotton production in the country despite a decline in cotton prices in the international market,” they wrote. “This has dented exports of the apparel sector.”
PRGMEA Central Chairman Sohail Sheikh called on the government to take immediate steps to break the cotton cartel in order to give a strong message to all sectors that cartelisation would not be tolerated.
He also urged the Federal Board of Revenue (FBR) and the Federal Investigation Agency (FIA) to conduct raids on warehouses of yarn dealers, who were allegedly hoarding a massive quantity to create artificial shortage and manipulate prices in collaboration with the manufacturers.
He added that the dealers and manufacturers were taking advantage of record low cotton production in the country.
“Another major factor that is affecting exports is the sharp depreciation of the US dollar against the rupee as exporters have quoted annual prices for global buyers at Rs162 per dollar,” Sheikh said.
In addition, a spike in freight charges for sea transport, which had risen by at least 700%, posed further danger to the export-oriented textile sector, he said.
Source: The Tribune
The Turkish capital Ankara hosted a two-day hybrid fashion event introducing seven Indonesian brands, aimed at bringing the Turkish and Indonesian fashion industries closer.
The fashion show, presenting selected Indonesian fashion brands in the heart of Turkey and that has been ongoing on Wednesday and Thursday, was also attended by Turkey’s first lady, Emine Erdoğan, who showed great interest in the various pieces created by the designers. Apart from the first lady, the spouses of Foreign Minister Mevlüt Çavuşoğlu, Parliament Speaker Mustafa Şentop and Industry and Technology Minister Mustafa Varank were also among the guests of the show.
Before the exhibition, a group of musicians put on a musical performance using the traditional Indonesian instrument Angklung, which consists of a varying number of bamboo tubes attached to a bamboo frame. The co-founder of Indonesian clothing brand Markamarie, Franka Soeria, also made a presentation showcasing different types of Indonesian motifs and fabric, including Batik, the art of creating designs on fabric with the aid of wax.
“This is a teaser, so in the near future, we are going to open a showroom for Indonesian brands,” Soeria told the Daily Sabah. “What we bring is ready-to-wear brands, but in the future, we want to have a hub here. The showroom will be opened in collaboration with the embassy and will be in a location where everyone can check and see Indonesian brands.”
“We know how amazing Turkish fashion is, so we wanted to say ‘maybe you will like our fashion too,’” she added.
Soeria underlined that their primary market was Turkey. “After this, we will also go to other countries, but Turkey is our priority due to our (cultural) similarities.”
“Turkey is known for its strong manufacturers and therefore became one of the biggest suppliers of fashion worldwide,” a statement from the ministry said. “Indonesia is known for its progressive move in the modest fashion industry through design innovations and programs.”
“The country has thousands of brands, most of them are focusing on creating covered clothes for a modest look. Events and initiatives in this sector are being launched every day, from one city to another throughout the country,” it added, saying that, however, the pandemic had hit the fashion industry as well, as it did with many sectors.
“If we think that there are two forms of diplomacy – formal diplomacy and informal diplomacy – this is the informal one. Thanks to this fashion show, Turkish ladies are getting to know more about Indonesian culture, ethnic characters, products while on the other hand, we understand more what our sisters and brothers in Turkey like,” Lalu Muhamad Iqbal, the ambassador of Indonesia to Turkey, told the Daily Sabah.
Underscoring that all necessary precautions were taken to ensure the event was safe for all, Iqbal said they had further projects lined up and hoped this event will serve as a platform to initiate business in the area.
The Embassy of Indonesia in Ankara and Markamarie, known as the aggregators of modest fashion in Southeast Asia, aim to establish stronger ties between the two countries through fashion.
Among the seven brands that took part in the show were Elzatta, a pioneer of modest fashion brands with hundreds of stores, Wearing Klamby, a high-engagement brand with 1.6 million followers, and Medina Zein, an urban modest brand led by the famous entrepreneur with the same.
The brands created special collections to be showcased at the event, while invitees had the chance to view and buy the pieces following the show.
As the biggest fashion markets in the Muslim world, Turkey and Indonesia could provide vast opportunities for collaboration and joint ventures in design and textiles.
Source: The Daily Sabah
Vietnam raked in nearly 7.2 billion U.S. dollars from exporting textile and garment in the first quarter of this year, up 1.1 percent against the same period last year, according to the country's General Statistics Office on Friday.
In March alone, Vietnam's textile and garment export rose 15.3 percent year-on-year to around 2.7 billion U.S. dollars.
Most of the local garment enterprises have received sustained new orders, including several future ones until August, according to the Vietnam Textile and Apparel Association. The recovery of global demand following the rollout of COVID-19 vaccines around the world is expected to bring more positive impacts to the market, said the association.
In 2020, Vietnam recorded an export turnover of roughly 29.5 billion U.S. dollars from textile and garment products, down 10.2 percent from 2019, according to the statistics office. Its largest export markets included China, Japan, the European Union, South Korea and the United States. Enditem
Source: Asian & Pacific News
The target of Vietnam earning 39 billion USD from garment and textile exports in 2021 is perfectly feasible, Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), has said.
Talking to the Newspaper of Industry and Trade, Giang attributed his optimism to the shifting of major orders from other countries to Vietnam, the recovery of the US market - one of Vietnam’s largest, and the activeness of Vietnamese businesses in applying technologies and taking advantage of opportunities brought about by new-generation free trade agreements (FTAs).
Vietnam’s garment and textile exports were valued at nearly 9 billion USD in the first quarter of this year, up 6 percent year-on-year.
The figure, he said, shows that consumption is bouncing back, which positively affects export activities.
Garment and textile enterprises have been adaptive to market fluctuations through measures to diversify products and markets and invest in automated technologies and equipment.
New-generation FTAs have also added to their advantages. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), for example, has made Vietnamese garment and textile products available in selective markets such as Canada, New Zealand, and Australia, Giang said.
However, he also pointed to several challenges facing the sector, including a shortage of materials and workers and high logistics costs, especially the cost of leasing empty containers rising more than five-fold compared to last year.
A lack of capital at small and medium-sized enterprises (SMEs) for investing in high technology and an imbalance in the production structure are also challenges to the sector, he added.
Source: Vietnam News
