In a recent panel discussion held at Las Vegas, eminent textile professionals and experts from Vietnam insisted that Vietnam is still a key player when it comes to global apparel and textile production sourcing. They however, expressed disappointment that the US has withdrawn from the Trans Pacific Partnership (TPP). “Though this has impacted the annual rate of growth for the country, we are still notches above the rest and in second spot for apparels and textiles,” they opined.
One of the panelists by name Sheng Lu who was a university faculty in Delaware for fashion and apparel had published the findings of a study he had conducted pertaining to the US fashion industry association. The study indicated that Vietnam was next only to China in terms of sourcing of apparel and textiles. A staggering 88 percent of the respondents interviewed answered that they preferred made in Vietnam.
According to Lu, “The findings of the study were clearly sending the message across that Vietnam was the most popular sourcing spot next in line only to China and the rest of the global players were way behind in this. In terms of rating, we figure as the most competitive supplier with a good balance factor too. This allied with our price and speed lend strong support to our market capability.”
The study indicates that Vietnam will continue to rise in the apparel horizon as a hot favorite sourcing spot for the next two years. However, Donald Trump’s decision to withdraw from the TPP does affect trade in a cumulative sense as the percentage of respondents to the survey who plan increasing their sourcing from Vietnam is on the decline. Lu said, “In addition to Trump’s TPP decision, growing labor costs in Vietnam is also a contributing factor to this trend.”