In response to market changes, many Vietnamese garment and textile companies have proactively shifted their strategies, treating green transition and innovation as integral to business development rather than merely export requirements.
Diversifying sources of materials and stepping up digital transformation have been regarded as the key to the building of a smart, sustainable supply chain in the garment-textile sector, insiders said.
Vietnam’s garment-textile sector sets a target of 39 billion USD in export revenue this year, equal to that of 2019, according to the Vietnam National Textile and Garment Group (Vinatex).
Fiber manufacturer PT Asia Pacific Rayon (APR) recently launched the largest viscose rayon production plant in Indonesia, which was built with an investment worth 15 trillion rupiah (1.1 billion USD) in Riau province.
The garment-textile sector has gained significant benefits brought about by the EU-Vietnam Free Trade Agreement (EVFTA) as more and more European businesses are investing in the industry.
The garment-textile sector will gain significant benefits but, at the same time, face several challenges brought about by the EU-Vietnam Free Trade Agreement (EVFTA) once it takes effect, experts said at an online conference on August 2.
Vietnam’s garment and textile sector is set to expand its market share globally, taking advantage of free trade agreements (FTAs) to become “a manufacturer of the world's established brands”, a trade and investment official has said.
Vietnamese enterprises pocketed a total of 8.6 billion USD in 2016 from processing and assembling activities for foreign partners, according to the 2017 Economy Survey released recently.
Social dialogue in the garment-textile sector is expected to improve following the signing of a memorandum of understanding of a project to promote social dialogue and collective bargaining in the garment sector in Hanoi on July 10.
The garment-textile sector expects to gross 35 billion USD in export turnover in 2018, higher than the target set at the beginning of the year, thanks to a large number of orders from foreign partners and bright prospects of the world and domestic economies.
The garment-textile sector is aiming growth of 10 percent in 2018 in spite of huge challenges in the global market, said Le Tien Truong, Director General of the Vietnam National Textile Garment Group.
More than 400 million USD in FDI have been pumped into the garment-textile sector in the southern province of Binh Duong after the signing of the Trans-Pacific Partnership Agreement.
