HANOI: Though Việt Nam remains a big importer of textile feedstock and accessories from China, its rising exports to China is a promising sign, according to the Việt Nam National Textile and Garment Group. Customs data shows imports from China in 2017 were high at US$9 billion, or 42.7 per cent of all textile-related imports, and 12 per cent higher than in 2016.
Việt Nam often imports raw materials also from South Korea and Taiwan. South Korean products cost a fourth of Chinese products while Taiwanese products cost a fifth. Last year, Việt Nam’s imports from China included over $6 billion worth of silk, $2 billion worth of leather and $800 million worth of threads. However, according to the Việt Nam Textile & Apparel Association (Vitas), textile exports to China have been rising steadily, going up from $2.2 billion in 2015 to $3.2 billion last year. Vitas expects the figure to continue rising. Vitas said China’s imports of Vietnamese textile products are not taxed because of the ASEAN China Free Trade Area while imports from countries such as India and Pakistan incur a 3–5 per cent tax.
