Business

Garment sector sees signs of recovery

Garment and textile firms are urged to flexibly implement measures to bring into full play market opportunities and promote growth, so as to fulfil the set goal of over 40 billion USD in export revenue this year.
Garment sector sees signs of recovery ảnh 1In the first 10 months of this year, total value of garment and textile exports reaches more than 33 billion USD (Photo: VNA)
Hanoi (VNA) – Garment and textile firms are urged to flexiblyimplement measures to bring into full play market opportunities and promotegrowth, so as to fulfil the set goal of over 40 billion USD in export revenuethis year.

In the first 10 months of this year, totalvalue of garment and textile exports reached more than 33 billion USD, down12.45% year-on-year. In October, the sector saw a sign of recovery when earning3.2 billion USD from exports, up 5.28% month-on-month, and 2.96% year-on-year.

The US is currently Vietnam’s biggestapparel importer, accounting for over 40% of the market share, followed byJapan, the EU, the Republic of Korea, and China.

According to insiders, in the gloomypicture of the market over the past 10 months, the only silver lining is highgrowth from countries participating in the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) such as Japan, Canada,Australia, and New Zealand.

In addition, the country has gained accessto several new markets in Africa and the Middle East, which is expected to help keep the industry's export turnover from decreasing deeply in the context of sharpreductions in global market demand.

Garment sector sees signs of recovery ảnh 2Illustrative image (Photo: VNA)
General Director of Vietnam Textile andGarment Group (Vinatex) Cao Huu Hieu said that in the fourth quarter, marketsigns become more positive when the frequency of customers coming to learnabout the source of goods and production capacity is the driving force forgarment firms to introduce their products and offer suitable prices to winorders for the coming period.

Regarding tasks for the last month of 2023,experts advised businesses to re-organise production to increase labourproductivity, meet small orders, and arrange appropriate human resources tooptimise labour costs.

Chairman of Vietnam Textile and ApparelAssociation (Vitas) Vu Duc Giang emphasised that businesses must quickly changethemselves and adapt to market fluctuations.

He stressed the need to organise vocationalskills classes and human resources training for green and digitaltransformation, in order to improve labour productivity and competitiveness.

In addition, it is necessary to retaincustomers by accepting small orders, while promoting the exploitation of newmarkets and reducing costs to step up production and business activities, andboost growth, added Giang./.
VNA
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