Apparel firms advised to increase technology application
Hanoi (VNA) – Applying new technologies to reduce production cost and increase competitive edge is the urgent solution for the garment-textile industry given global fiercer competition.
It is also necessary
for businesses to seek more markets outside the Association of Southeast Asian
Nations (ASEAN) and reinforce its niche on major ones such as the US, the EU,
and Japan to maintain growth.
Another potential markets are countries from the
Eurasian Economic Union (EAEU), particularly Russia. Whereas the Republic of Korea continues to be a fertile land
for enterprises to explore since the Vietnam-RoK free trade agreement has come
into force.
As the number of orders is likely to decline
without price hike, businesses are warned to make full use of modern equipment
to reduce production cost and increase competitiveness.
Director
General of the Vietnam National Textile and Garment Group (Vinatex) Le Tien
Truong said the application of new technologies will help increase productivity
and use less labour.
Besides opportunities, the fourth industrial
revolution also poses challenges regarding investment, restructure and labour,
he said, adding that the appropriate technological access and the clarification
of self-potential will help businesses choose the most efficient way to penetrate
into foreign markets.
According to
the Vietnam Textile & Apparel Association (VITAS), the garment-textile
exports increased nearly 10 percent year-on-year to reach 19.8 billion USD in
the first eight months of 2017.
The US is making up the biggest proportion of 51
percent of Vietnam’s total apparel exports.
The garment-textile export in 2017 is expected
to hit 30.5 billion USD, much higher than that of the previous year (28.1
billion USD).-VNA