The Vietnam Textile and Garment Group (Vinatex) forecasts the country’s textile and garment exports will continue to decline by 14-18% each month for the rest of 2020 over the same period last year.
VOV.VN - The garment sector is struggling to maintain production in the second half of the year as its export market is forecast to shrink by at least 30-40%, according to Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex).
Vietnam has been unable to gain export growth to all CPTPP member countries, according to the Ministry of Industry and Trade.
To take advantage of free trade agreements and expand exports, meeting rules of origin is crucial for the garment and textile sector, industry insiders have said.
Vietnam’s textile and garment industry targets a year-on-year increase of 10% in export value, to US$34 billion, in 2018.
VOV.VN - Major countries, which are member economies of the Asia-Pacific Economic Cooperation (APEC), have become key markets for Vietnam’s garment and textile products, and are forecast to making up between 74%-75% of the country’s total apparel export turnover in the near future.
Applying new technologies to reduce production cost and increase competitive edge is the urgent solution for the garment-textile industry given global fiercer competition.
State-owned enterprises and local businesses should pay due attention to training workers for the fourth industrial revolution (Industry 4.0) so that they are not rendered redundant, experts say.
While Vietnamese garment companies think the domestic market is too small, foreign investors consider Vietnam the "new land" to exploit, with the garment market worth US$4.5 billion.
Restructuring the textile and garment industry involves drawing up a new development strategy, using new technologies, and closing fiber and textile factories that use outdated technologies.
The textile and garment sector enters the second quarter (Q2) of this year with promising signs from new import markets, said General Director of the Vietnam Textile and Garment Group (Vinatex) Le Tien Truong.
With Vietnam’s economy slowing down in the first quarter, the government has requested that state-run corporations and associations pull out all the stops to help the country achieve the full-year GDP growth target.
VOV.VN - Back in June of 2016, Britain sent shockwaves throughout Vietnam and around the globe by voting to leave the EU.
Vietnam’s textile and garment exports this year are estimated to reach US$28.5 billion, meeting roughly 92% of the set plan due to market difficulties, the Vietnam Textile and Apparel Association (Vitas) reports.
VOV.VN - Domestic clothiers, leather and shoemakers have actively begun to seek new markets on the back of sagging shipments to the EU and US economies, says the Vietnam Textile and Apparel Association (VITAS).
VOV.VN - Russia imports nearly US$13 billion of clothing and textiles annually, according to the Russian Trade Representative Agency in Vietnam.
VOV.VN - Domestic garment businesses have spent millions of US dollars on expanding production to snatch domestic and export market opportunities.
Vietnamese enterprises are ready to bring into full play the opportunities as well as face the challenges brought by the Trans-Pacific Partnership (TPP) agreement, which was officially signed on February 4.
(VOV) - Vietnam is about to sign some important trade deals including the Trans Pacific Partnership, the EU-Vietnam Trade Agreement, the Vietnam-Korea Free Trade Agreement, and has already signed an economic agreement with the Eurasian Economic Union.
Vietnam’s garment and textile export turnover is likely to hit US$24.5 million this year, a year-on-year rise of 19% - the largest increase in the past three years, according to Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex).