Businesses advised to leverage new growth of Vietnam garment - textile sector

The garment and textile industry in Vietnam is experiencing new export growth, with an estimated export revenue of nearly 4.3 billion USD in August and a total of 28.3 billion USD in the first eight months of the year, marking a 6.2% increase year-on-year. This growth is attributed to the shift of orders from other countries amidst global trade tensions and conflicts. The Vietnam Textile and Apparel Association (VITAS) Chairman, Vu Duc Giang, sees this as an opportunity for the industry to set a new export record. To capitalize on this growth, the industry must diversify products to meet various customer segments and expand export markets. However, challenges such as rising orders and new partners require businesses to adapt to new purchasing strategies. VITAS Chairman emphasizes the need for chain connectivity, optimization of technologies and artificial intelligence, and green production to improve productivity, quality, and product uniqueness. The domestic market is also witnessing a shift towards factories that meet environmental, social, and governance (ESG) standards. Vietnam s textile-garment industry is rapidly developing and holds an increasingly important position in the global chain, thanks to its quick adaptation to smart technologies and green production. To build a domestic garment-textile supply chain, businesses should utilize high-tech systems in all stages, from raw material production to branding. However, this process requires significant capital and human resources. The sector needs to support businesses, especially small- and medium-sized ones, in green transition, technology renovation, and human resources training in designing. In conclusion, the Vietnamese garment and textile industry is experiencing growth and faces challenges due to increasing market and customer demands. To sustain this growth, the industry must leverage its position in the world market, diversify products, expand export markets, optimize technologies, and support businesses in green transition and technology renovation.

Source: en.vietnamplus.vn
Published on 2024-09-21