Textile and garment exports will reach US $ fourty one billion

VCN - Before the challenging fluctuations of the market, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association, said that Vietnamese textile and garment enterprises have adapted very quickly to the problems of market, products, and orders, especially greening requirements to keep relative stability in production and export.
Textile enterprises overcome difficulties sustainably Textile enterprises overcome difficulties sustainably
Factors contribute to Vietnam’s success in garment & textile industry Factors contribute to Vietnam’s success in garment & textile industry
Textiles and garments face Textiles and garments face "double" difficulties: Lack of orders, unit prices are deeply reduced
Textile and garment exports will reach US $ fourty one billion

Sir, before the difficulties of the market in the past time, how has Vietnam's textile and garment industry managed and how do you evaluate the export prospects of the industry this year?

In the first seven months of 2003, Vietnam's textile and garment industry exported US $22.7 billion, down 14% over the same period last year. This decrease is significantly lower than 17% at the end of June. This result is very encouraging in the current situation and shows the efforts of enterprises in the industry. Because businesses have faced great pressures and challenges in the last six months of 2022 and the first six months of 2023, but Vietnam's textile and garment industry has found the bottleneck and quickly adapted.

Accordingly, businesses diversify markets, bringing Vietnamese textiles and garments to seventy-seven markets around the world. Besides, the diversification of product lines instead of specialization as before. Vietnamese textile and garment enterprises have also adapted very quickly to small orders, short delivery times, and stricter quality requirements. In addition, the issues of greening are a plus point for the sustainable development of Vietnam's textile and garment industry in the coming time. On that basis, I expect this year we will achieve an export turnover of US $ 40-41 billion.

Green transformation is the key strategy of Vietnam's textile and garment industry towards sustainable development in the future, in the process of implementing this strategy, what challenges have enterprises encountered, sir?

Vietnam's textile and garment industry has invested in sustainable development, greening, infrastructure, equipment, working environment for workers, and technology during the past seven years, especially in the last five years. In that process, many challenges related to finance for investment in sustainable development have been raised. In addition, there is the challenge of ensuring the adaptability of Vietnam's Law on Environmental Protection as well as the provisions of the importing country's trade agreements. Another challenge is the technical barriers that some countries put in place after the Trade Agreement. This is a difficult problem, especially related to the problem of recycled product lines. Currently, countries are required to set the percentage of recycled content in products that will be exported to their markets.

Could you please share some details about the response level of Vietnam's textile and garment industry to the current recycling problem?

Vietnamese textile and garment enterprises have begun to invest in recycled products and European countries have also posed the problem of using recycled products, but the pressure is not too great. Countries give us a roadmap to meet their conditions. Currently, Vietnamese textile and garment enterprises have met about 15 - 18% of recycled products and I think we will adapt in time.

Currently, we have many factories that meet the standards of sustainable development such as green environment, clean environment, energy saving, water source, renewable energy and especially working environment. In which, there are factories that have obtained certificates of the US, Europe, Japan, and international organizations.

Next November, we will invite ambassadors of EU countries and EU organizations and businesses to visit a Vietnamese factory, Tan De Garment Company in Thai Binh province. This factory has 19,500 employees but from the outside, it looks like a forest. This is a model that we will continue to replicate for businesses in the near future.

However, I think it's just a standard for brands to ask for green, sustainable, or recycled products. In addition, Vietnamese textile and garment enterprises still have to meet the price, delivery time, and product quality issues to get the stability of orders.

In such a context, the SaigonFabric Summer 2023 exhibition took place over the weekend, what does it affect Vietnam's textile and garment industry, sir?

This Saigon Fabric Summer Fair has solved five major problems for Vietnam's textile and garment industry.

Firstly, this is the first raw material fair specializing in the domestic market, thereby creating an information channel for manufacturers and brands, especially fashion designers, to get the right kind of raw materials. whether they are in need and the Vietnamese market is lacking.

Second, this fair will reshape the sustainable development strategy of recycled products that importing countries have set for Vietnam's textile and garment industry.

Third, this fair also creates opportunities for chain links between yarn, textile, dyeing and garment manufacturers, thereby bringing about stable and sustainable development.

Fourth, the fair is a step in the development strategy of the Government set out for Vietnam's textile, leather, and footwear industry. In 2024, we will continue to have to launch similar fairs like this and add some new product lines to the market.

Fifth, I think it is very important, that is the identification of brands in the Vietnamese textile and garment industry, especially the view of importing countries when they see that we constantly organize fairs like this to introduce information channels, introduce new product lines of raw materials. This will help brands and buyers decide to choose the Vietnamese market to develop a number of product lines for export to their markets.

Thank you very much!

By NguyenHien (recorded)/Quynhlan

Related News

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw material areas, ensuring sustainable and effective farming quality and minimizing environmental pollution. Vietnam is also the first country in the world to build a large-scale project on sustainable rice production and reduced emissions.
Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

VCN - By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Fruits and seafoods of Vietnam have a huge advantage in the UK market

Fruits and seafoods of Vietnam have a huge advantage in the UK market

VCN - Thanks to UKVFTA (Vietnam - UK Free Trade Agreement), Vietnam's seafood become more competitive in the UK market compared to products from China, Thailand, Malaysia, Indonesia, Philippines, and India. Meanwhile, seafood benefits from less complicated import procedural requirements compared to many other countries.
Agricultural, forestry and fishery product exports continue to "scoring points"

Agricultural, forestry and fishery product exports continue to "scoring points"

VCN - In the first four months of 2024, the country's total export turnover of agricultural, forestry and fishery products is estimated to reach more than US$19 billion, an increase of 23.7 percent compared to the same period last year. Most key agricultural and forestry export products increased higher than the same period last year as well as the export value to all markets increased.

Latest News

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - Many agricultural and food exporters have recorded positive business results thanks to the momentum from the recovery of major markets and solutions to enhance deep processing, helping to improve product value and business efficiency.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addition to tax and fee support, many breakthrough solutions and policies are needed to create a boost for the auto industry.

More News

Traceability helps improve product value

Traceability helps improve product value

VCN - Traceability of origin has been and is a mandatory requirement for Vietnamese goods when exporting to several markets. The application of information technology and the use of QR codes is an effective solution in traceability, increasing value and promoting product consumption, especially agricultural products.
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

VCN - The flow of goods passing through Hai Phong port area has tended to improve recently.
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
FDI attraction in five months tops 11 billion USD

FDI attraction in five months tops 11 billion USD

More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.
What to do to develop Vietnam

What to do to develop Vietnam's automobile industry when implementing FTAs?

VCN - On May 24, Customs Magazine organized a discussion on the topic "Vietnam's automobile industry implements the Free Trade Agreement: In which direction to develop?"
Read More

Your care

Latest Most read
Imports and exports achieve more than US$270 billion

Imports and exports achieve more than US$270 billion

By mid-May, the country's total import-export turnover reached US$270.82 billion, according to the latest statistics from the General Department of Vietnam Customs.
Coffee output in 2023-2024 crop forecast to fall 20 per cent

Coffee output in 2023-2024 crop forecast to fall 20 per cent

Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
Pharmaceutical industry sees slowing growth momentum

Pharmaceutical industry sees slowing growth momentum

After record profits and strong growth in 2023, the industry’s momentum faced limitations in 2024 due to rising raw material costs and increased market competition.
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - According to data from the Ministry of Agriculture and Rural Development, agricultural, forestry and fishery export turnover in April reached 5.14 billion USD, an increase of 19.7% compared to April 2023.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addi
Mobile Version