Page 26 - TEXtalks May-June 2021

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Vietnam scores big as China hints at

becoming Vietnam’s Garment buyer

According to Vinatex, a tremendous growth amongst lack for need of office wear as the world is now
the 5 biggest textile kings in the market (the U.S., working from the vicinity of their homes and prefer
Japan, South Korea, E.U., and China) has been casual and lounge wear. This is specially a
observed between Vietnam’s textile and especially challenge for Vinatex as office wear is their
garment exports to China in Q1. This shows that one main product.
of the most prominent export markets to Vietnam’s
textile and garment industry will be China as there The data published by General Statistics Office
was a stipulation in China’s 14th Five year plan states that Vietnam's textile and garment exports in
which exhibited that the country will not be focusing the first five months of 2021 hit $12.2 billion, up 15
on textile and garment production in the percent year-on-year. Textile and garment export
2021-2025 period. value to China during the period was as high as that
to the E.U. at $680 million. Vinatex targets revenues
Along with the innumerable problems that the covid of VND1.5 trillion ($66 million) this year, up 5 percent
brought with itself, one that has become a major year-on-year, and pre-tax profit of VND201 billion, up
cause for concern for the garment producers is the 37 percent.

Assurance in the form of refund claims

settlement for textile exporters

Assurity has been provided by adviser to the Prime ample amount of Rs. 50 billion will be allotted.
Minister on Commerce, Textiles and Investment, Moreover, Rs 10 billion set aside in this regard for
Abdul Razzaq Dawood. He gave confirmation about last year will also be released in the next few days.
the transference of DLTL refunds for immediate
payment of refunds. Mian Farrukh Iqbal, Senior Vice Chairman, Pakistan
Hosiery Manufacturers and Exporters Association,
Moreover, the latest textile policy will also be said that textiles are the backbone of the national
launched so that the DLTL scheme for the textile economy. Therefore, its problems need to be solved
sector can advance forward so the set export target immediately. Group leader and former central
for the next financial year could be hit. Answering a chairman Chaudhry Salamat said that the export of
query about refunds, he disclosed about the yarn should be banned immediately and a full
implementation of an automation system that can
help counter probable corruption and would also forensic audit of yarn sellers should be conducted to
establish swift payment of refunds. eliminate artificial shortage and inflation of yarn. He
also demanded a strict ban on the sale of yarn
For next financial year for payments under DLTL, an without an invoice.

May/June 2021