New Wide (Vietnam) Enterprise Co., Ltd (Vietnam)

The subject - New Wide Vietnam - is a member of New Wide Group - a Taiwan-based Group with four main business units, including knitting trade, knitting and dyeing supply chain, garment & trade, and strategic alliance. The New Wide Group has 5 knitting and dyeing mills, 10 garment factories and more than 300 worldwide brand partners. In China and Taiwan, this Group has D3 Lab for R&D that integrates data, design, and development. Meanwhile, the knitting and dyeing mills in China and Vietnam, the garment factories in Cambodia, Vietnam, Lesotho, and Kenya, and offices in China and the USA help the Group provide immediate service to its clients.In Vietnam, the subject gets involved in weaving and dyeing knitted fabrics. Its products are either exported overseas directly or through on-spot export to clients in export processing and industrial zones in Vietnam. Some of its partners are Adidas, Under Armour, H&M, Zara, GAP, Timberland, Walmart, Tommy-Hilfiger, Lacoste, Puma, Esprit, Decathlon, HBI, Uniqlo...The Vice President and General Secretary of the Vietnam Textile and Apparel Association (Vitas) announced that by the end of the third quarter of 2022, the production and business situation of many other economies and of many other economic sectors including textile are all in dire straits; even more difficult than the Covid-19 period. The picture of the textile and garment industry in the first half of 2023 was very quiet, with no brighter signs in the last months of the year. In May 2023 alone, Vietnam's total textile and garment export turnover was estimated to decrease by 8.73% over the previous month and down by 27.16% over the same period last year. According to data from the General Department of Customs, in the first 5 months of 2023, textile and garment was one of the 6 key export industries of Vietnam with the deepest decline. In more detail, the fiber industry and garment industry are two areas facing the most difficult. This year's export turnover is expected to reach USD 36-37 billion, with the whole industry making the highest effort to reach USD 40 billion.With the general difficult situation of this field, the subject's future is not forecasted to brighter.