A growing number of foreign companies in the textile and clothing segment are turning their attention to Vietnam. The high cost of labour in China, which has risen by 15-20% in recent years, and the quantum growth of the Vietnamese economy are the main factors that enable companies to move their own production activities to Vietnam. Currently, the average monthly wage of a worker who works in the textile industry is around € 390 in China and € 90 in Vietnam. The trend has seen many businesses in the nearby countries especially those in Japan and Taiwan, move their production activities by investing in Vietnam, in the wake of several foreign companies (U.S., European, and Korean) who have already embarked upon this path. The textile industry of Vietnam, in addition to being a major local market, configures itself as a sector with good opportunities, that depends largely on foreign suppliers. Analyzing the data of the first eight months of 2010, the exports figure has increased at a rate of 17.8% over the previous year.
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