Vietnamâ€™s rising textile exports to China is a promising sign, although it remains to be a big importer of textile feedstock and accessories from China. China is one of Vietnamâ€™s top five textile export markets, China is one of Vietnamâ€™s top five textile export markets.
Vietnamâ€™s textile and garment exports were worth $31 billion last year.
Vietnam 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.
Customs data shows imports from China in 2017 were high at US$9 billion, or 42.7 percent of all textile-related imports, and 12 percent higher than in 2016.
Last year, Vietnamâ€™s imports from China included over $6 billion worth of silk, $2 billion worth of leather and $800 million worth of threads.
According to the Vietnam 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.
Since that country has the worldâ€™s largest population, its market can be extensively segmented offering a great opportunity for local textile products.
Chinaâ€™s imports of Vietnamese textile products are not taxed because of the ASEAN â€“ China Free Trade Area while imports from countries such as India and Pakistan incur a 3â€“5 percent tax.
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