VIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q2/ PDF Free Download

VIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q2/2018 1

TABLE OF CONTENTS Contents Page Contents Page ABBREVIATIONS 4 2. Vietnam textile and apparel market 41 SUMMARY 5 2.1. Vietnam textile and apparel market's overview 42 I. Business environment 7 2.2. Spinning 49 1. Macroeconomic situation 7 2.3. Textile dyeing 55 2. Legal framework 16 2.4. Apparel 61 II. Industry overview 21 III. Industry outlook and risk 67 1. World textile and apparel market 21 1.1. 5-forces analysis 68 1.1. Value chain of textile and apparel industry 23 1.2. SWOT analysis 71 1.3. Spinning 27 2. Industry outlook 73 1.4. Textile dyeing 30 2.1. Industry planning 74 1.5. Apparel 34 2

TABLE OF CONTENTS Contents Page Contents Page IV. Enterprise analysis 76 1. Garment enterprise analysis 77 2. Textile and fiber enterprise analysis 91 IV. Conclusion 104 3

ABBREVIATIONS ABBREVIATIONS Shortened form Full form Shortened form Full form CAGR Compounded Annual Growth Rate PET Polyethylene terephthalate CMT Cut Make Trim GDVC General Department of Vietnam Customs CNTAC China National Textile & Apparel Council GSO General Statistics Office of Vietnam CPI Consumer Price Index CI Corporate Income JCS Joint Stock Company Co., Ltd. Company Limited NR Net Revenue FA Fixed Assets EU European Union LTA Long-term Assets GDP Gross Domestic Product LSA Short-term Assets OBM Original brand manufacturer UAE The United Arab Emirates ODM Original design manufacturer VCOSA Vietnam Cotton and Spinning Association OEM Original Equipment Manufacturer VINATEX Vietnam Textile Corporation VITAS Vietnam Textile and Apparel Association 4

SUMMARY WORLD TEXTILE AND APPAREL MARKET The world textile and apparel industry is deeply influenced by macroeconomic fluctuations. China, The United States, Germany and Japan are the largest textile and apparel consuming countries in the world. 5

SUMMARY VIETNAM TEXTILE AND APPAREL MARKET Textile and apparel industry is one of the key sectors of Vietnam and has the second largest export turnover with export value contributing 10-15% to GDP. Domestic textile and apparel enterprises are weak in the knowledgeintensive stages such as building distribution system, exporting, designing and branding.. Vietnam is one of the top 10 textile and apparel exporting countries in the world. 6

TABLE OF CONTENTS Part I. Business environment 1. Macroeconomic situation 2. Legal framework 7

Part I. Business environment 1. Macroeconomic situation Gross domestic product in the first quarter of 2018 is estimated to increase by 7.38%, compared to the same period of 2017. GDP growth rate by quarter, 2015 Q1/2018 Source: VIRAC, GSO GDP by current price and GDP per capita, 2013 Q1/2018 VND Trillion In 2016, sales from the textile and apparel industry was 33 billion USD, accounting for 16.7% GDP. Source: VIRAC, GSO 8

Part I. Business environment 1. Macroeconomic situation Foreign Direct Investment (FDI) FDI attracted 618 new projects over the period from January to March 20, 2018. Billion USD FDI capital, 2014 Q1/208 FDI attraction by sector, 2017 Sources: VIRAC, FIA Sources: VIRAC, FIA 9

Part I. Business environment 1. Macroeconomic situation Total value of exported and imported commodity of Vietnam in Q1/2018 reached 108.43 billion USD Imports and exports of commodity, 2015 Q1/2018 Billion USD Billion USD Sources: VIRAC, GSO 10

Part I. Business environment 1. Macroeconomic situation USD million Main imported products from China, Q1/2018e USD million Source: VIRAC, GDVC Main exported products to China, Q1/2018e VND/CNY exchange rate, 2/1016 3/2018 Source: VIRAC, GDVC Source: VIRAC 11

Part I. Business environment 1. Macroeconomic situation The VND / USD exchange rate has been quite stable and still supported by a plentiful supply of foreign currencies VND/USD exchange rate, 2013-2017 Source: VIRAC, SBV 12

Part I. Business environment 1. Macroeconomic situation Impact of related sectors Petrochemical refining projects being implemented in Vietnam Project Location Investment capital (USD billion) Capacity (million tons/year) Source: VIRAC 13

Part I. Business environment 1. Macroeconomic situation Impact of related sectors In the first three months of 2018, the total retail sales of consumer goods and services are estimated at 1.048 trillion VND Retail sales of goods, 2010 Q1/2018 Source: VIRAC, GSO 14

Part I. Business environment 1. Macroeconomic situation Impact of related sectors Leading retailers in Vietnam market, 2016 Q1/2018 Brand Company Number of stores 2011 2013 2015 Revenue in Q1/2018 (billion VND) Boom of modern retail systems: (*) estimated Source: VIRAC, Retail Asia Publishing 15

TABLE OF CONTENTS Part I. Business environment 1. Macroeconomic situation 2. Legal framework 16

Part I. Business environment 2. Legal framework Group of regulations and standards on textile and apparel production: 17

Part I. Business environment 2. Legal framework Group of policies and regulations affecting the industry These regulations have an important influence on the sector of textile and apparel. 18

Part I. Business environment 2. Legal framework 19

Part I. Business environment 2. Legal framework Group of regulations on import and export: Group of tax regulations: Import Tax Corporate Income Tax 20

TABLE OF CONTENTS Part II. Industry overview 1. World textile and apparel market 1.1. Industry size 1.2. Value chain of global textile and apparel market 1.3. Spinning 1.4. Textile dyeing 1.5. Apparel 21

Part II. Industry overview 1.1 Industry size Revenue growth of global textile and apparel industry, 2012 2021f Sources: VIRAC, Euromonitor Passport Data 2017 In 2017, the global textile and garment turnover is estimated at about USD 1,400 million. 22

Part II. Industry overview 1. World textile and apparel market 1.2. Value chain of global textile and apparel market 24

Part II. Industry overview 1. World textile and apparel market 1.2. Value chain of global textile and apparel market Value chain of global textile and apparel industry is divided into 5 basic stages 25

Part II. Industry overview 1. World textile and apparel market 1.2. Value chain of global textile and apparel market CMT OEM/FOB ODM OBM 26

Part II. Industry overview 1. World textile and apparel market 1.3. Spinning Million tons Fiber production and consumption worldwide, 2000 2017e Fiber consumption by type, 2017 Source: VIRAC, The fiber year, FRED Source: VIRAC, Statista World fiber import and export, 2010-2017e Nguồn: VIRAC, CIRFS 28

Part II. Industry overview 1. World textile and apparel market 1.3. Spinning Global fiber consumption structure, 2016 Structure of global consumption purpose of fiber, 2014 Content Source: is VIRAC, intentionally ICAC, CIRFS, TFY, FEB removed for demo purpose Global demand for types of fiber 1980 2030e Cotton and polyester fibers are the two main types of fibers. Million tons Source: VIRAC, PCI Fibres 29

Part II. Industry overview 1. World textile and apparel market 1.4. Textile dyeing Global fiber and fabric production index, Q1/2015 Q2/2017 Source: VIRAC, ITMF Global textile trade, 2010 2016e billion USD Source: VIRAC, UNcomtrade 31

Part II. Industry overview 1. World textile and apparel market 1.4. Textile dyeing 32

Part II. Industry overview 1. World textile and apparel market 1.4. Textile dyeing Top 10 largest textile exporters in the world, 2017e billion USD In 2017, in terms of the textiles exports, China, EU28 and India are still the three countries and regions with the largest export turnover, Sources: VIRAC, WTO Secreteriat Top 10 largest importers of textiles in the world, 2017e Billion USD Sources: VIRAC, WTO Secreteriat 33

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel Scale of global textile production 2014-2018e billion USD Source: VIRAC, Marketline 35

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel Global textile and apparel trade is heavily influenced by major economies such as Europe and the United States. billion USD Global textile and apparel import and export value, 2010 2023e Source: VIRAC, UN Comtrade 36

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel billion USD World's top 10 largest apparel exporting countries, 2017e billion USD Source: VIRAC, WTO Secreteriat World's top 10 largest apparel importing countries, 2017e Source: VIRAC, WTO Secreteriat 37

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel Export structure of textile and apparel worldwide 2016e billion USD Global apparel trade value 2003-2018F Source: VIRAC, Marketline Source: VIRAC, Marketline 38

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel billion USD Scale of global apparel market 2015-2025f These days, EU, the USA, China and Japan are the biggest consumption markets Sale growth rates of developed markets such as EU, the USA and Japna are relatively lower than sale growth rate of China. There is a huge gap in annual spending on apparel per capita between developing and developed countries. Spending on apparel per capita 2014-2019F USD/year Source: VIRAC, Euromonitor 39

Part II. Industry overview 1. World textile and apparel market 1.5. Apparel USD/month Average wage in some countries, 2016 Currently, the textile and apparel industry is gradually improving, but there are still big gap among countries. Source: VIRAC, Jobstreet Average wage of textile and apparel industry in some countries, 2016 USD/month Source: VIRAC, Jobsteet 40

TABLE OF CONTENTS Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview 2.2. Spinning 2.3. Textile dyeing 2.4. Apparel 41

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview INDUSTRY OVERVIEW Indicator Value 42

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview Number of enterprises of Vietnam textile and apparel industry, 2012-2016 Sectors 2012 2013 2014 2015 2016 Sources: VIRAC, GSO 43

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview The South East region is home for the largest number of textile and apparel enterprises in the country with three major cities: Ho Chi Minh City, Binh Duong and Dong Nai. Textile and apparel enterprises distributed by region, 2016 Source: VIRAC, MOIT 44

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview At present, Vietnam has 8,149 private enterprises in the textile and apparel industry, mainly located in the South East, Textile and apparel private enterprises distributed by region, 2016 Sources: VIRAC, GSO The proportion of turnover of types of apparel enterprises, 2014 Sources: VIRAC, Enterprise Survey 2014 45

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview Numbers of laborers in Vietnam textile and apparel industry, 2012-2016 Sectors 2012 2013 2014 2015 2016 Proportion of textile and apparel sectors in 2016 Sources: VIRAC, GSO Textile and apparel is currently the most labor-intensive industry. The labor force of the textile and apparel industry accounts for more than 20% of the labor force in the industrial sector and nearly 5% of the total labor force. 46

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview Textile and apparel industry responds to industrial revolution 4.0 : 47

Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview No. Type 2013 (Million USD) The import-export balance of Vietnam's textile and apparel commodity, 2013-2017 2014 (Million USD) 2015 (Million USD) 2016 (Million USD) 2017 (Million USD) 2017 compared to 2016 (%) Sources: VIRAC, VITAS 48

TABLE OF CONTENTS Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview 2.2. Spinning 2.3. Textile dyeing 2.4. Apparel 49

Part II. Industry overview 2. Vietnam textile and apparel industry 2.2. Spinning Thousand tons Yarn production volume, 2010 Q1/2018e In Q1/2018, number of produced yarn is estimated about 549.1 thousand tons Source: VIRAC, GSO Thousand tons Yarn volume and consumption value, 2010 Q1/2018e billion VND Source: VIRAC, GSO 50

Part II. Industry overview 2. Vietnam textile and apparel industry 2.2. Spinning million USD Yarn import and export in Vietnam, 2010 Q1/2018e Source: VIRAC, GDVC 51

Part II. Industry overview 2. Vietnam textile and apparel industry 2.2. Spinning In 2017, China is the main yarn export market of Vietnam, Export structure of yarn by volume, Q1/2018e Import structure of yarn by volume, Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC 52

Part II. Industry overview 2. Vietnam textile and apparel industry 2.2. Spinning Number of yarn piles and rotors in Vietnam yarn industry, 2010 2017e Long fiber producing enterprises in Vietnam Company name Capacity Product segment Source: VIRAC, VITAS Source: VIRAC, VITAS 53

Part II. Industry overview 2. Vietnam textile and apparel industry 2.2. Spinning Some fiber projects in Vietnam in the period 2014-2016 Time Company name Country Investment Value (million USD) Location Source: VIRAC 54

TABLE OF CONTENTS Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview 2.2. Spinning 2.3. Textile dyeing 2.4. Apparel 55

Part II. Industry overview 2. Vietnam textile and apparel industry 2.3. Textile dyeing Fabric production volume in Vietnam, 2010 Q1/2018e Million m² Vietnam's fabric production only meets 15-16% of demand. Content is intentionally Source: VIRAC, GSO removed for demo purpose VND trillion Fabric consumption value, 2012 Q1/2018e Production structure of Vietnamese fabrics, 2012 Q1/2018e Source: VIRAC, GSO Source: VIRAC, GSO 56

Part II. Industry overview 2. Vietnam textile and apparel industry 2.3. Textile dyeing Fabric export-import turnover of Vietnam, 2011 Q1/2018e million USD Vietnam's fabric import market structure, Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC 57

Part II. Industry overview 2. Vietnam textile and apparel industry 2.3. Textile dyeing Textile dyeing and finishing process 58

Part II. Industry overview 2. Vietnam textile and apparel industry 2.3. Textile dyeing General assessment of textile machinery and technology in Vietnam General assessment of dyeing technology in Vietnam Material and power Unit Vietnam Germany Finland Source: VIRAC 77

Part II. Industry overview 2. Vietnam textile and apparel industry 2.3. Textile dyeing Causes leading to the nondevelopment of Vietnam textile dyeing industry: 60

TABLE OF CONTENTS Part II. Industry overview 2. Vietnam textile and apparel industry 2.1. Industry overview 2.2. Spinning 2.3. Textile dyeing 2.4. Apparel 61

Part II. Industry overview 2. Vietnam textile and apparel industry 2.4. Apparel Million units Apparel production volume, 2012 Q1/2018e Garment production volume is increasing but mostly for export. Content is intentionally Source: VIRAC, removed GSO for demo purpose Market share of domestic apparel market, 2016e 62

Part II. Industry overview 2. Vietnam textile and apparel industry 2.4. Apparel million USD Apparel exports (including fabric) of Vietnam, 2010 Q1/2018e In general, the domestic apparel market is still rather modest due to people's low living standards. Source: VIRAC, GDVC Structure of apparel for export, 6M/2017e Source: VIRAC, VITAS 63

Part II. Industry overview 2. Vietnam textile and apparel industry 2.4. Apparel Export market structure of textiles and apparel in Vietnam, Q1/2018e The United States, the EU, Japan, Korea are the four largest importers of textiles and garments in Vietnam. Source: VIRAC, GDVC Export value of textiles and apparel to some countries, 2013 Q1/2018e billion USD Source: VIRAC, GDVC 64

Part II. Industry overview 2. Vietnam textile and apparel industry 2.4. Apparel Textile and apparel exports of FDI enterprises and domestic billion USD enterprises, Q1/2018e Source: VIRAC, GDVC 65

Part II. Industry overview 2. Vietnam textile and apparel industry 2.4. Apparel Average time of order production in Vietnam (day) Average time of order production in some countries (day) Countries US EU Japan China India Vietnam Source: VIRAC Inventory index of textile and apparel industry, 8/2016-12/2017 Source: VIRAC, GSO 66

TABLE OF CONTENTS Part III. Industry outlook and risk 1. Industry risk 1.1. Five Forces analysis 1.2. SWOT analysis 67

Part III. Industry outlook and risk 1. Industry risk 1.1. Five Forces analysis In general, competition in the textile and apparel industry in Vietnam is high. Competition level of textile and apparel industry in Vietnam Entrance barriers: Sources: VIRAC collects Factors Opinions Assessment 68

Part III. Industry outlook and risk 1. Industry risk 1.1. Five Forces analysis Market competitiveness Factors Opinions Assessment Bargaining power of customers Factors Opinions Assessment 69

Part III. Industry outlook and risk 1. Industry risk 1.1. Five Forces analysis Bargaining power of suppliers Factors Opinions Assessment Threats of substitutes: Factors Opinions Assessment 70

TABLE OF CONTENTS Part III. Industry outlook and risk 1. Industry risk 1.1. Five Forces analysis 1.2. SWOT analysis 71

Part III. Industry outlook and risk 1. Industry risk 1.2. SWOT analysis Strengths Weaknesses Opportunities Threats 72

TABLE OF CONTENTS Part III. Industry outlook and risk 2. Industry outlook 2.1. Industry planning 73

Part III. Industry outlook and risk 2. Industry outlook 2.1. Industry planning On April 11, 2014, the Ministry of Industry and Trade issued Decision No. 3128/QD-BCT approving the master plan for the development of Vietnam's textile and apparel industry to 2020 with a vision to 2030.. 74

Part III. Industry outlook and risk 2. Industry outlook 2.1. Industry planning Specific targets of the textile and apparel industry to 2030 Indicator Unit 2015 2020 2030 75

TABLE OF CONTENTS Part IV. Enterprise analysis 1. Garment enterprise analysis 2. Textile and fiber enterprise analysis 76

Part IV. Enterprise analysis 1. Garment enterprise analysis Top 8 enterprises in Vietnam apparel industry with the largest net revenue in 2017 Enterprise Address Net revenue (billion VND) Total assets (billion VND) Viet Tien Garment Corporation Nha Be Garment Corporation JSC Hoa Tho Textile Garment JSC Garment Corporation 10 TNG Investment and Trade JSC Duc Giang Corporation Sai Gon Garment Manufacturing Trade JSC Dong Nai Garment Corporation 77

Part IV. Enterprise analysis 1. Garment enterprise analysis VIET TIEN GARMENT CORPORATION Production capacity of Viet Tien Corporation Export market structure of Viet Tien, 2017 Source: VIRAC, Viet Tien Garment Company 78

Part IV. Enterprise analysis 1. Garment enterprise analysis HOA THO GARMENT CORPORATION Production capacity of Hoa Tho Textile and Garment Corporation Source: VIRAC, Hoa Tho Textile and Garment JSC Textile export market structure of Hoa Tho, 2017 Source: VIRAC, Hoa Tho Textile and Garment JSC 79

Part IV. Enterprise analysis 1. Garment enterprise analysis NHA BE GARMENT CORPORATION JSC Export turnover of Nha Be, 2011-2017 USD million Source: VIRAC, Nha Be Garment JSC Production capacity of Nha Be Garment JSC Structure of textile export market of Nhà Bè, 2017 Source: VIRAC, Nha Be Garment JSC 80

Part IV. Enterprise analysis 1. Garment enterprise analysis GARMENT CORPORATION 10 Production capacity of Garment Corporation 10 Source: VIRAC, Garment Corporation 10 81

Part IV. Enterprise analysis 1. Garment enterprise analysis Duc Giang Corporation Production capacity of Duc Giang Corporation Structure of textile export market of Duc Giang, 2017 Source: VIRAC, Duc Giang Garment Corporation 82

Part IV. Enterprise analysis 1. Garment enterprise analysis THAI NGUYEN INVESTMENT AND TRADING JOINT STOCK COMPANY Production capacity of TNG, 2017 Structure of textile export market of TNG, 2017 Source: VIRAC, TNG 83

Part IV. Enterprise analysis 1. Garment enterprise analysis SAI GON GARMENT MANUFACTURING TRADING JOINT STOCK COMPANY 84

Part IV. Enterprise analysis 1. Garment enterprise analysis Dong Nai Garment Corporation System of Machine of Dong Nai Garment, 2016 Structure of textile export market of Dong Nai Garment, 2014 Source: VIRAC, Dong Nai Garment JSC 85

Part IV. Enterprise analysis 1. Garment enterprise analysis Net revenue, 2016-2017 billion VND Source: VIRAC Viet Tien Garment Corporation had the highest net revenue in selected businesses. 86

Part IV. Enterprise analysis 1. Garment enterprise analysis billion VND Gross profit margin, 2016-2017 Source: VIRAC 87

Part IV. Enterprise analysis 1. Garment enterprise analysis Financial expenses of businesses tended to decrease in 2017. billion VND Financial expenses and financial expenses/net revenue ratio, 6 The average financial expenses/ net revenue ratio of selected group was 1.2% in 2017. Source: VIRAC 88

Part IV. Enterprise analysis 1. Garment enterprise analysis Debt/Equity ratio, 2016-2017 Source: VIRAC The majority of garment businesses have high debt/equity ratio 89

Part IV. Enterprise analysis 1. Garment enterprise analysis Solvency ratio, 2016-2017 Content is intentionally removed Source: for VIRAC demo purpose % Profit Ratio, 2016-2017 Source: VIRAC 90

TABLE OF CONTENTS Part IV. Enterprise analysis 1. Garment enterprise analysis 2. Textile and fiber enterprise analysis 91

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Vietnam's top 5 textile and yarn enterprises with the largest net revenue, 2017 (billion VND) Enterprise Address Net revenue (billion VND) Total assets (billion VND) 92

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Thanh Cong Textile Garment Investment Trading JSC Investment projects in 2017 Production, 2017 Products Unit Produced, 2017 2017 compared to 2016 Nguồn: VIRAC, TCG Source: VIRAC, TCG Nguồn: VIRAC, TCG 93

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Production capacity of Thanh Cong Textile Garment Investment Trading JSC Product Production capacity Machinery, input materials 94

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Phong Phu Corporation Production capacity of Phong Phu Corporation Structure of textile export market of Phong Phú 2014 Source: VIRAC, Phong Phu Corp 95

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Viet Thang Corporation Product Description 96

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Hue Textile Garment JSC Production capacity of Hue Textile Garment JSC 97

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Century Synthetic Fiber Corporation Ton Fiber consumption structure of Century Synthetic Fiber Corporation, 2017 Ton Fiber production of Century Fiber, 2017 Source: VIRAC, Centery Fiber Source: VIRAC, Century Fiber 98

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis billion VND Net revenue of textile and fiber enterprises, 2016-2017 Source: VIRAC 99

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Gross profit margin, 2016-2017 billion VND Source: VIRAC Source: VIRAC 100

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis VND billion Financial expenses and financial expenses/ net profit, 2016-2017 Source: VIRAC 101

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Round Total asset turnover, 2016-2017 Source: VIRAC Day Days in inventory, 2016-2017 Source: VIRAC 102

Part IV. Enterprise analysis 2. Textile and fiber enterprise analysis Solvency Ratio, 2016-2017 Profit Ratio, 2016-2017 Source: VIRAC Source: VIRAC 103

TABLE OF CONTENTS Part V: Conclusion 104

Part V: Conclusion 105

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