Vietnam relies on China for imports of textile raw materials and auxiliary materials

According to a report by Saigon Liberation News on April 7, Vietnam’s Ministry of Industry and Trade stated that from January to February, Vietnam imported approximately US$660 million in textile raw materials, auxiliary materials, and leather, a year-on-year increase of 14.4%. The main import sources were mainland China, Taiwan and South Korea. Among them, imports from China were approximately US$233 million, accounting for 35.4%, an increase of 33.2%; imports from South Korea were approximately US$100 million, accounting for 15.8%, a decrease of 5.27%; imports from Taiwan were US$64.27 million, accounting for 9.8%, an increase of 19%; The United States imported US$40.83 million, accounting for 6.2%, a decrease of 0.48%.
According to reports, Vietnam currently has about 50% of its textile raw and auxiliary materials localized, with the rest relying on imports, of which imports from China account for about 48%. Due to insufficient funds, Vietnam’s textile raw and auxiliary materials import sources are relatively single. In the long run, in order to avoid dependence on certain markets, Vietnam should introduce more policies to encourage foreign investment in the production of textile raw materials and auxiliary materials.