The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.
Enjoying a rise in orders, the garment and textile sector is optimistic about the completion of its target of earning US$44 billion in export revenue set for this year.
VOV.VN - There are positive signs ahead for Vietnamese exports in 2024 thanks to the recovery of the global economy, increasing consumption demand, and the effective enforcement of free trade agreements (FTAs).
VOV.VN - Vietnamese garment and textile exports dropped by 15.9% to US$22.5 billion in the opening seven months of the year, the Vietnam National Textile and Garment Group (Vinatex) reported in its latest report.
Vietnamese garment enterprises are facing more competition as well as stricter quality and environmental standards in the global market.
VOV.VN - The garment industry has been struggling to deal with a serious shortage of export orders over the past few months, and the challenging period is forecast to last for several months more.
A year since Vietnam reopened after a global pandemic, the country has seen trade recovering strongly.
VOV.VN - 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).
Textile and garment exports may reach US$47 - US$48 billion in the positive scenario for 2023 and US$45 - US$46 billion in the lower-case scenario, said the Vietnam Textile and Apparel Association (VITAS).
The textile and garment sector has predicted that difficulties will remain for its exports in the first half of 2023, but there are also silver linings it can pin hopes on.