The textile and apparel industry, which managed to survive three waves of COVID-19 thanks to its decision to produce face masks and personal protective equipment, will focus on sportswear and yarn, according to the Vietnam National Textile and Garment Group.
The total textile and garment export value in the first four months of this year dropped by 6.6 percent year-on-year to 10.64 billion USD, according to the Vietnam Textile and Apparel Association (Vitas).
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.
According to experts, the signed Europe-Viet Nam Free Trade Agreement (EVFTA) will create great opportunities for Viet Nam’s textile and apparel industry.
Lopsided development of its various segments and dependence on imports have weakened the textile industry’s competitiveness and creativeness, experts said.
A project is being implemented in Vietnam to improve the eco-friendliness of the local textile-apparel industry, which is a big foreign currency earner of the country but also has considerable impact on the environment.
Boosting cooperation between Vietnam and India in the garment and textile sector will be one of the priorities in efforts to raise bilateral trade value to 15 billion USD by 2020, said Parvathaneni Harish, Indian Ambassador to Vietnam.
Vietnamese apparel manufacturers need to embrace new technologies to meet the growing global fast fashion trends, according to the Vietnam Textile and Garment Association (VITAS).
Thai businesses are promoting investment in Vietnam in sectors that are expected to benefit from free trade agreements, including garment-textile and footwear.
Regulations on the origin of goods will present challenges to Vietnam’s textile and garment sector once free trade agreements, especially the looming Trans-Pacific Partnership (TPP), come into force.
Business
