Denim and jeans fly off shelves from Vietnam
Vietnam’s denim and jeans sector is seeing better export opportunities thanks to higher global demand, lower European taxes, and the country’s efforts to embrace sustainable textile and garment development.
The world’s denim and jeans market was valued at more than $6.2 billion in 2021 and is expected to expand at a combined annual growth rate (CAGR) of 8.26% over the next five years to reach $9.98 billion by 2027, according to the “Denim Jeans Market Research Report 2023-2027" released this February by Market Growth Reports, a global firm in the market research industry.
Denim jeans are a very popular article of casual dress around the world, and come in many styles and colors. However, blue jeans are particularly identified with U.S. culture. Denim jeans have a very wide appeal and are considered comfortable, durable, trendy, and cool, according to the report.
Sandeep Agarwal, CEO of Indian company Balaji Enterprises and founder of sectoral platform Denimsandjeans.com, told a press briefing in Ho Chi Minh City Friday that Vietnam, as a key exporter of textile and garment products worldwide, is shipping plenty of denim clothes. Europe’s taxes on the products are 4-6% currently but will drop to zero over the next two years.
Another advantage for Vietnam is the continued efforts of the apparel sector to embrace green production, sustainability, and circularity to further fuel green exports and sharpen its competitive edge.
Agarwal said his company and his denim platform, in partnership with the Vietnam Textile and Apparel Association (VITAS), will organize the fifth edition of the Denimsandjeans.com Vietnam Show in HCMC on March 1-2 with the participation of fabric and apparel enterprises from 10 countries and territories, who will showcase the latest fashion trends and innovations in the global denim industry.
The event is also expected to serve as a good opportunity for exhibitors to seek and establish partnerships, and for the Vietnamese denim supply sector to show its competency to international visitors, said VITAS general secretary Nguyen Tuyet Mai.
On the sidelines of the show, a series of seminars will be held with international experts taking part to discuss the future of denim supply, sustainable development, artificial intelligence-assisted breakthroughs for denim, and other issues, according to the organizers.
Around 20 years ago, denim jeans were basic products, but they are nowadays fashion items that change every season with different varieties.
As for jeans imports to the U.S. from January-October last year, women’s and girls’ items rose 19.06% to $285.82 million, while men’s and boys’ jeans were up 19.36% to $93.33 million, according to data from the U.S. Commerce Department’s Office of Textiles and Apparel (OTEXA).
Vietnam earned around $44 billion from textile and garment exports in 2022, up 8.8% from 2021, with items shipped to 66 countries and territories worldwide, according to VITAS. This year’s expected value is $47-48 billion in a positive scenario and $45-46 billion in a less positive scenario
- Read More
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7
Thailand bans export of raw palm oil until December
Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.
Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7
Envision Energy to build $420 mln wind power plant in Vietnam from June 2025
Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.
Energy - Fri, November 1, 2024 | 8:30 pm GMT+7
Indonesia to ban plastic waste imports from 2025
The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.
Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7
Islamic economy makes up 48% of Indonesia’s GDP
The contribution of Islamic business activities to Indonesia’s GDP has been estimated at 48%, local authorities reported at the 11th Indonesia Sharia Economic Festival (ISEF).
Southeast Asia - Fri, November 1, 2024 | 8:28 pm GMT+7
Restructured construction giant Tracodi gets set to execute ambitious plans
After changing its name and restructuring as a group, Tracodi Construction Holdings JSC (HoSE: TCD), a member of Bamboo Capital Group (HoSE: BCG), has completed a leadership shake-up and is poised to achieve rapid growth.
Bamboo Capital - Fri, November 1, 2024 | 4:43 pm GMT+7
Philippines requests companies to pay for plastic waste treatment
The Philippines expects its "Extended Producer Responsibility" (EPR) that came into force last year will help it curb plastic waste
Southeast Asia - Fri, November 1, 2024 | 4:30 pm GMT+7
Indonesia warns of rising online terrorism
Indonesia's National Counter-Terrorism Agency (BNPT) has warned of a shift in terrorism tactics, moving from public attacks to online platforms that target vulnerable groups, particularly women and children.
Southeast Asia - Fri, November 1, 2024 | 4:29 pm GMT+7
Singapore establishes global fintech network
The Monetary Authority of Singapore (MAS) on Wednesday announced that it has established a “Global Finance & Technology Network” (GFTN) to propel Singapore’s reputation as a premier global fintech hub into its next phase and enhance global connectivity.
Southeast Asia - Fri, November 1, 2024 | 4:28 pm GMT+7
Nokia, Viettel deploy 1.2 Tb/s optics transmission in Vietnam, to help 5G growth
Finnish giant Nokia and Vietnamese telco Viettel have rolled out high-capacity optical network after achieving an optics transmission speed record of 1.2Tb a second per wavelength in Vietnam.
Companies - Fri, November 1, 2024 | 3:40 pm GMT+7
Korea SK Group sells 76 mln shares of Vietnam’s Masan, no longer major shareholder
South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.
Companies - Fri, November 1, 2024 | 3:16 pm GMT+7
HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months
BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of the year's profit target.
Bamboo Capital - Fri, November 1, 2024 | 2:32 pm GMT+7