In terms of textile exports to Japan, Vietnam has only a small share. Vietnam hopes to compete with China. Japanese entrepreneurs also believe that Vietnam will be a promising textile and clothing market in reducing excessive dependence on China.
The Ministry of Commerce website quoted Vietnam’s “Investment News†as reporting on April 27. Although China has an overwhelming advantage (90%) in textile exports to Japan, Vietnam only has a small share. However, Vietnam is regarded as the most powerful contender for the "China+1" strategy. Japanese entrepreneurs believe that Vietnam will be a promising textile and apparel market in terms of reducing excessive dependence on China. In a consultative meeting on textile exports to the Japanese market organised by the Export Promotion Bureau of the Ministry of Industry and Trade on April 26 in Hanoi, a senior expert from Japan’s Trade Promotion Organization (JICA) stated that at present, Japan’s textile and apparel imports amount to US$3.7 billion each year. 5% is produced in Japan; US$3.3 billion is imported from China, accounting for 90% of the country’s total textile and apparel imports. However, in the past eight years, the wages of Chinese workers have doubled, from 445 yuan per month in 2000 to 960 yuan per month in 2008. Some textile and garment companies are preparing to move their factories out of China, and Vietnam may be the choice of Japanese companies.
The Ministry of Commerce website quoted Vietnam’s “Investment News†as reporting on April 27. Although China has an overwhelming advantage (90%) in textile exports to Japan, Vietnam only has a small share. However, Vietnam is regarded as the most powerful contender for the "China+1" strategy. Japanese entrepreneurs believe that Vietnam will be a promising textile and apparel market in terms of reducing excessive dependence on China. In a consultative meeting on textile exports to the Japanese market organised by the Export Promotion Bureau of the Ministry of Industry and Trade on April 26 in Hanoi, a senior expert from Japan’s Trade Promotion Organization (JICA) stated that at present, Japan’s textile and apparel imports amount to US$3.7 billion each year. 5% is produced in Japan; US$3.3 billion is imported from China, accounting for 90% of the country’s total textile and apparel imports. However, in the past eight years, the wages of Chinese workers have doubled, from 445 yuan per month in 2000 to 960 yuan per month in 2008. Some textile and garment companies are preparing to move their factories out of China, and Vietnam may be the choice of Japanese companies.
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