Illustrative image (Photo: VNA) Businesses also plan to invest in modern technology toimprove business efficiency and workers’ income this year.
The global apparel demand is forecast to decrease by nearly5% annually this year to around 700 billion USD, resulting in a decrease of25-27% in the number of orders.
Major importers of Vietnamese apparel such as the US, Chinaand the Republic of Korea have shown signs of smaller demand since October2022. Meanwhile, the European Union and Japan still maintained positive growthbut it was lower than previous months.
Chairman of the Vietnam Textile and Apparel Association(VITAS) Vu Duc Giang said in order to achieve sustainable development, thesector will continue calling for investment to the material supply chain; building sale solutions; and developing automation, digital governance, atransparent business environment and hi-quality workforce.
He admitted that the sector is facing intense competition from Bangladesh, India and Indonesia, especially products with simple designs.
In the near future, about 30-35% of apparel makers will sufferfrom the shortage of orders while the remainder will face price pressure. However,the sector is still able to produce mid and hi-end products which is one of itsadvantages to accelerate export, he said.
Domestic textile firms also suggested the State adjustpolicies and mechanisms flexibly, especially those related to credit and foreignexchange rate to improve their competitiveness./.
VNA
