Garment and textile sector seeks to remove hurdles for opportunities ahead

In fact, the slowdown occurring in the global economy coupled with escalating geopolitical conflicts in several countries around the world also impacted Vietnam's textile and garment exports, which saw a decline of 9% compared to 2022.

According to a report compiled by the Vietnam Textile and Apparel Association, the industry has  encountered difficulties due to high inflation in key markets such as the United States and Europe, a fall in export orders, high interest rates, and exchange rate differences.

Despite a gloomy picture, there remain bright spots for textile and garment exports to several markets, with Japan, Australia, and India all witnessing an upward trend.

Furthermore, local enterprises have also moved to expand to a number of new markets in Africa and the Middle East.

According to the Vietnam Textile and Apparel Association, last year saw the sector export to more than 100 markets and territories, with the major markets being the US, Japan, the Republic of Korea, and the EU.

Vuong Duc Anh, Chief of Office of the Board of Directors of Vietnam Textile and Garment Group (Vinatex), said local firms are required to closely follow market requirements, seize upon any opportunities from the market, seek new clients, and move to diversify products to boost exports.

Moreover, as part of efforts to stabilise production during this period, businesses must reduce unnecessary costs, focus on seeking new outlets, and move to improve product quality.

Sharing this perspective, Le Tien Truong, chairman of the Board of Directors of Vietnam Textile and Garment Group, said that businesses are required to exert every effort in a bid to reduce costs, increase productivity, and seek the most reasonable production method to reach new markets and customers.

Amid fierce competition, local businesses are encouraged to become innovative and create new values to maintain market and customers, he added.