Dae Young Textile Vietnam Co., Ltd (Vietnam)

The subject - DAE YOUNG TEXTILE VIETNAM CO.,LTD is one of the subsidiaries owned by HWASEUNG VINA CO., LTD. HWASEUNG VINA CO., LTD is one of the largest shoe OEM factories (for famous brands in the world such as Reebok and Adidas) invested by HWASEUNG GROUP for the future under the long-term plan for cost saving and productivity improvement through systematic outsourcing. The subject's core business is producing knitted fabrics, yarn, printing and textile dyeing. As shared by the import-export department staff, in Jun 2023, the subject developed another segment in manufacturing parts and accessories of sports shoes following the orders of the parent company for the Reebok brand. In 2022 and 2023, the business situation did not really improve because orders were greatly reduced, leading to the company restructuring and reducing the number of employees from 400 to 200. With the above difficult situation and as shared by the import-export department staff, its turnover in 2023 decreased by 25% compared to data in 2022. Regarding the current situation of Vietnam's textile and garment industry, at the conference "Summary of Vietnam Textile and Apparel Association 2023", Mr. Vu Duc Giang, Chairman of Vietnam Textile and Apparel Association (Vitas), said that the textile and garment industry basically have had certain success, with export turnover reaching USD 40.3 billion in 2023. With lessons learned in 2023, by 2024 Vietnam's textile and garment industry strives to achieve an export turnover of USD 44 billion. However, the challenge for textiles and garments in 2024 is still huge when major importers all have more stringent sustainable and environmentally friendly mechanisms. On the other hand, world economic growth in the next 2 years depends on many factors, of which the focus is the conflict in the Middle East and the inflation control policies of some countries. Therefore, textile and garment enterprises need to have the necessary policies to adapt to new requirements.