Vietnam textile industry’s future in China’s garment industry could be threatened by ‘disaster’

VIETNAM – Vietnamese textile industry officials are worried about a possible “disaster” of their industry in China.

Vietnam’s textile industry has been growing for years in the world’s biggest garment exporter but has struggled to compete with global giants like China’s Jilin Iron and Steel Corp.

The industry is facing the potential of a “disasters” as China’s demand for cheap raw materials and cheaper labor is set to outstrip that of Vietnam.

The Vietnamese government has proposed a plan to diversify the economy away from cotton and into textile and textile-based industries.

Virtually all of Vietnam’s cotton is imported and Vietnam imports over 70 percent of the world market for the fabric.

But in recent years, the textile industry is struggling to stay afloat amid China’s rapid industrialization.

VNTV News reported last year that a number of textile factories were closing down as factories shuttered due to the rise of automation and robotics.

It also said the country’s textile manufacturing output has shrunk by nearly 10 percent over the last decade.

Vietnam imports $8 billion in raw materials per year from China and other countries.

It is one of the most heavily indebted countries in Southeast Asia, with the national debt exceeding $1.3 trillion.

But the Vietnamese government’s plan to help diversify its economy away by creating new sectors is seen as a welcome initiative.

The plan is expected to create more than 10,000 jobs, the country said in a statement on Tuesday.VNTV said Vietnam will invest in infrastructure, boost the number of factories, expand the use of robots, and diversify by introducing more technologies in the textile and textiles industries.

China’s Jintao Iron and Metallurgical Corp. has plans to open factories in Vietnam.

The company has announced it will expand its textile production in Vietnam by 20 percent.

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