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Update news vietnam's textile-garment industry
In the face of unpredictable volatility, Vietnam's companies are investing in technology, innovation and production to meet the targets they have set themselves, whilst keeping a close eye on market trends.
Vietnam's textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed.
Textile and garment exports posted a year-on-year increase of 15% in the first two months of 2024, a result partly attributed to the industry’s gradual adaptation to the green production requirement of import markets.
Vietnamese textile and garment businesses have been actively promoting brand development, with many of them implementing strategies to introduce their products to the global market, according to industry insiders and experts.
The garment and textile sector has set a target of 44 billion USD in export turnover this year, up 10% year-on-year.
Expanding their customer base and diversifying products are among the solutions that Vietnamese textile and garment producers are applying to maintain their competiveness with new rivals.
The textile and garment industry in VN wants a bilateral agreement or a free trade agreement to reduce export taxes upon entering the Canadian market.
Vietnam's textile and garment products for export are set to meet ecological standards under the requirements of free trade agreements.
Recycled material content in many textile products had soared to 60 per cent.
The development strategy of the textile and garment industry until 2030 with a vision to 2035 has clearly identified that exports will continue to be a major and crucial driving force for the sector's growth.
Vietnam’s textile and garment industry is facing a tough uphill battle as it is working hard to achieve its ambitious export target of US$39-40 billion for the year, according to the Vietnam Textile and Apparel Association (VITAS).
Bangladesh, which has been implementing policies to improve the greening of its textile and garment industry, has become a rival of Vietnam.
Digital transformation, creating suitable designs and recycling clothes are now proving to be important target activities for the garment and textile industry towards a circular economy and sustainability.
Never before has Vietnam’s textile and garment industry faced such difficulties like now.
After experiencing lackluster days earlier this year with a sharp fall in the number of orders from foreign partners, Vietnam’s textile and garment industry is preparing to return to the international race in new, more stable circumstances.
Textile and garment businesses in Vietnam are taking steps to switch to green production to meet partners’ demand and achieve sustainable development, the Cong Thuong (Industry & Trade) newspaper reported.
Textile and garment firms have been through a roller coaster ride, with profits going up in the first half of 2022 and nosediving during the second half.
Domestic garment and textile enterprises are racing to recruit more labourers, especially skilled workers, to fulfil their orders of high-quality products, according to the Vietnam Textile and Apparel Association (VITAS).
Vietnam’s textile and apparel sector is aiming to climb up the value chain, but export and distribution networks remain fundamental flaws.
Despite enduring numerous difficulties, the garment, textile and leather footwear sectors raked in US$71 billion last year, according to details given by the Vietnam Textile and Apparel Association (Vitas).