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Foreign capital flow in the footwear industry is expected to rebound this year after a slowdown in 2017, with the anticipated arrival of a major US player.
Vung Ro Petroleum Co., Ltd. (VRP), the operator of Vietnam's third oil refinery located in the central province of Phu Yen and backed by the UK-based Technostar Management Limited, today signed a co-operative agreement with DenimoTech, a Denmark-headquartered firm, aiming to provide turnkey solutions for the petroleum by-product sector and aid the implementation of VRP’s new manufacturing plant in Vietnam.
Vietnam’s two core export sectors—textile garment and footwear—expect to count $49 billion in combined export value for 2017, with $31 billion coming from the textile and garment sector and $18 billion from the footwear industry.
Bypassing the concerns that the application of anti-dumping tariffs in some export markets might cast a negative impact on export performance, the fibre sector is solid on its way to beat the 2017 export value of $3.1 billion.
Amazon Web Services (AWS), a subsidiary of Amazon.com, is proceeding its ambitious business plan in Vietnam following Alibaba’s footsteps in the field of cloud computing services.
In the first nine months of this year, Vietnam imported 10.4 million tonnes of coal with a total import turnover of $1.03 billion, showing strong dependence on imported coal.
The exports of many of Vietnam’s key commodities, such as telephones and components, textiles, footwear, and agricultural and fishery products, have been greatly boosted thanks to the country’s efficient exploitation of major markets in APEC economies.
Foreign investors’ joining the retail distribution of petroleum is expected to break domestic distributors’ dominance, heating up the competition in this sector.
The minimum wage increase, coupled with the increase for social insurance and union fees, is putting financial burdens on enterprises operating in labour-intensive sectors, such as the garment and textile sector.
Danish garment manufacturer Spectre opened its second textile factory worth over $5 million in the northern province of Nam Dinh to take advantage of the country’s fast-developing garment industry.