Textile and textile sector to see breakthroughs in 2024

In fact, the sector is forecast to continue to face a number of challenges due to impacts from both the global and domestic economies, leading to a reduction in consumption demand.

In addition, there are other hindrances such as rising input costs such as electricity prices, transportation costs, minimum wages, and new regulations set by foreign importers. 

Diversifying markets and increasing labour productivity

As a means of achieving the set target, Than Duc Viet, general director of Garment 10 Corporation, said that local businesses are required to proactively seek and fully tap into both domestic and international markets as part of their wider strategies to diversify markets and products. 

Viet revealed that the company plans to focus on developing new products, improving quality and product design as a means of fulfilling stringent export orders and ensuring a fast delivery time. 

Moreover, local firms are required to improve the digitalization system of production management and conduct in-depth investment to meet the strict standards set by importing countries, Viet noted. 

Sharing this perspective, Nguyen Xuan Duong, chairman of the Board of Directors of Hung Yen Garment Corporation, pointed out that the firm will focus on increasing labour productivity by investing in advanced equipment, especially digital technologies in line with the trend of green and circular production in the world. 

Furthermore, the company will continue to make use of automated equipment as it seeks to produce high-value commodities, he added. 

Avoiding disruptions in production activities 

This year, Vietnam National Textile and Garment Group (Vinatex) has set a target of earning a revenue of VND17,536 billion, up 3% compared to 2023, and making a profit of VND415 billion, up 10% from 2023. 

As a way of fulfilling this plan, Cao Huu Hieu, general director of Vinatex, said the group will closely update the market situation and input materials so that its member companies can devise concrete orientations for production activities.

The group is set to give priority to deal with urgent issues in a bid to avoid disruptions occurring in production activities or cause workers to quit their jobs, as well as putting into operation the digital transformation system for financial and human resource management.

In addition, a production management software will be also put into practice to create a transparent administration platform at the corporation and member companies. 

At present, Vietnam is one of the economies with deep and comprehensive integration of trade, Giang said, adding that the sector needs to continue diversifying markets and clients  as well as seeking measures to cope with trade competition moving forward.

Giang revealed that the garment and textile industry has set a goal of achieving sustainable development in line with the requirements of the global market in terms of green development and reduction of greenhouse gas emissions.

He underlined the need to invest in cutting-edge technology, automation, and adaptive lines for fast delivery and high-quality product, as well as focusing on solutions for the fashion industry. 

It can be seen that the textile and garment industry will enjoy a wealth of opportunities this year as Vietnam is the only nation that has signed free trade agreements (FTAs) with all major global economic partners such as the United States, Japan, China, the UK, Russia, and the EU.

In particular, the development strategy for the Vietnamese garment and textile sector by 2030, with a vision towards 2035, will lay the foundation for attracting greater foreign investment in the field of fiber - weaving – dyeing moving forwards. 

These favourable factors will help the garment and textile industry to maximise incentives from the FTAs for long-term and sustainable development.